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GASB issues implementation guide related to OPEB standard

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May 10, 2017

The GASB has issued an implementation guide consisting of Q&As that are intended to help state and local government financial statement preparers and auditors apply GASB Statement No. 74, “Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans,” as amended.

Topics discussed in the guide include the following:

  • Scope and applicability of Statement 74.
  • Types of other postemployment benefits (OPEB) and OPEB plans.
  • Defined benefit OPEB plans that are administered through trusts.
  • Assets accumulated to provide OPEB through defined benefit OPEB plans that are not administered through trusts that meet the criteria in paragraph 3 of Statement 74.
  • Defined contribution OPEB plans that are administered through trusts that meet the criteria in paragraph 3 of Statement 74.
  • Effective date and transition of Statement 74.

The guide is effective for reporting periods beginning after December 15, 2016. Early application is encouraged if Statement 74 has been implemented. For more information, see the implementation guide on the GASB’s Web site.

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