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GASB Issues Exposure Draft for Postemployment Benefits

Proposing implementation guidance regarding postemployment benefits, the Governmental Accounting Standards Board (“GASB”) has released the exposure draft, Implementation Guide No. 201X-Z: Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions (and Certain Issues Related to OPEB Plan Reporting). The proposal aims to offer guidance on the requirements under GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, as amended, and GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. It also features rules that would eliminate transition-related guidance at the end of the transition period for GASB Statement No.. Read More.

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Implementation Guide Published for GASB Statement 74

Announced in its May 9 press release , the Governmental Accounting Standards Board (“GASB”) has released Implementation Guide No. 2017-2, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. The Implementation Guide features answers to over 150 questions related to GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. Download Implementation Guide No. 2017-2 at GASB.org.

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GASB Chair Discusses Postemployment Benefits

In his latest edition of “From the Chairman”, the Governmental Accounting Standards Board’s (“GASB”) David Vaudt discusses how important it is for governmental entities to calculate the discount rate for measuring the net liability for postemployment benefits. The focus of Vaudt’s letter is the long-term expected rate of return, which he considers fundamental in determining the discount rate. Vaudt says that the long-term expected rate of return must be based on the nature and combination of present and anticipated postemployment benefit investments. Check out Vaudt’s full comments on GASB.org.

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