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The Governmental Accounting Standards Board (GASB) issued Statement no. 45.

The Governmental Accounting Standards Board (GASB) issued Statement no. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, which generally requires state and local governments to account for and report costs and obligations related to postemployment health care and other non-pension benefits, commonly referred to as other postemployment benefits, by the same methods they use for pensions (www.gasb.org/news/nr080204.html). Large--in terms of total annual revenues--government employers must implement the statement's provisions for periods beginning after December 15, 2006. Midsize and small governments have one and two years beyond that date, respectively, to comply. GASB published related guidance--Statement no. 43, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans (www.gasb.org/news/nr 051104-A.html)--in April. Both statements are available from GASB's order department at 800-748-0659 or online at http://store.yahoo.com/gasbpubs.
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Title Annotation:Government Accounting
Publication:Journal of Accountancy
Date:Oct 1, 2004
Words:144
Previous Article:To stave off double-digit increases in the cost of employee health plans, small and midsize companies cut benefits in 2003.
Next Article:The International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants issued an exposure draft.



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