GASB issues new statements, technical bulletin.The Governmental Accounting Standards Board The Governmental Accounting Standards Board (GASB) is currently the source of generally accepted accounting principles (GAAP) used by State and Local governments in the United States of America. recently issued two statements: Statement No. 43, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, and Statement No. 44, Economic Condition Reporting: the Statistical Section.Regarding Statement No. 43, 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. include healthcare and other nonpension benefits provided to employees as part of their compensation for services. The standards apply to OPEB OPEB Other Post-Employment Benefits OPEB Other Postretirement Obligations (pensions/retirement) plans that are included as trust funds in the financial reports of plan sponsors or employers, and to stand-alone (jargon) stand-alone - Capable of operating without other programs, libraries, computers, hardware, networks, etc. Exactly what is absent is presumed to be obvious from context. "We only run Windows on stand-alone PCs because it's too dangerous to run it on networked ones." financial reports of OPEB plans that are established as trusts, when issued by the public employee retirement systems, or other governmental entities that administer them. The statement also provides requirements for reporting of OPEB funds by administrators of multiple-employer OPEB plans, when the fund used is not a trust fund. Statement No. 44 enhances and updates the statistical section that accompanies a state or local government's basic financial statements to reflect the significant changes that have taken place in government finance, including the more comprehensive government-wide financial information required by GASB GASB Governmental Accounting Standards Board Statement 34. In addition, the GASB issued its Technical Bulletin No. 2004-1, Tobacco Settlement Recognition and Financial Reporting Entity Issues, which addresses accounting by state and local governments in connection with settlements made by U.S. tobacco companies. In 1998, the U.S. tobacco industry reached an agreement, known as the Master Settlement Agreement, with state governments releasing tobacco companies from present and future smoking-related claims that had been, or potentially could be, filed by the states. In exchange, the tobacco companies agreed to make annual payments in perpetuity Of endless duration; not subject to termination. The phrase in perpetuity is often used in the grant of an Easement to a utility company. in perpetuity adj. forever, as in one's right to keep the profits from the land in perpetuity. to the states, subject to certain conditions and adjustments. This technical bulletin clarifies accounting guidance on whether a Tobacco Settlement Authority that is created to obtain the rights to all or a portion of future tobacco settlement resources is a component unit of the government that created it. It also clarifies recognition guidance for these transactions and for payments made to settling governments pursuant to the Master Settlement Agreement. Both the statements and technical bulletin can be ordered from the GASB Web site. Visit www.gasb.org See .org. (networking) org - The top-level domain for organisations or individuals that don't fit any other top-level domain (national, com, edu, or gov). Though many have .org domains, it was never intended to be limited to non-profit organisations. RFC 1591. and go to "Publications." |
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