GASB EDs address postemployment benefits. (Highlights).In February February: see month. GASB GASB Governmental Accounting Standards Board released two exposure drafts, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions and Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. The proposed statements address such benefits as, for example, health care and life insurance. One would establish standards for the measurement, recognition and display of "other postemployment benefits The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. " (OPEB OPEB Other Post-Employment Benefits OPEB Other Postretirement Obligations (pensions/retirement) ) expense or expenditures and related liabilities in the financial reports of state and local governments. The companion ED would establish uniform financial reporting standards for OPEB plans and supersede To obliterate, replace, make void, or useless. Supersede means to take the place of, as by reason of superior worth or right. A recently enacted statute that repeals an older law is said to supersede the prior legislation. previously issued interim guidance. The proposed overall approach to reporting of OPEB generally is consistent with that adopted by GASB for pension reporting. The EDs are available on the GASB Web site at www.gasb.org/exp/ED_OPEB_ Employer.pdf and www.gasb.org/exp/ED_OPEB_Plan.pdf and can be ordered from GASB at 800-748-0659. Comments on them are due April 30. |
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