GASB OPEB Blog
GASB 75 has arrived (for most municipal entities)
GASB 75 has arrived (for most municipal entities). The effective date for adopting the new accounting standard is for fiscal years beginning on or after June 15, 2017. Entities that are preparing a valuation for December 31, 2017 are permitted to continue...
read moreWhat is GASB 74 and 75?
The Governmental Accounting Standards Board (GASB), recently issued two standards related to other postemployment benefits (OPEB), Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans (OPEB Plan), and Statement No. 75,...
read moreGASB Audits and Interpretations
View the AICPA's new interpretive publications Recently issued auditing interpretations are listed below. Interpretation No. 3, "Auditor of Participating Employer in a Governmental Agent Multiple-Employer Pension Plan," of AU-C section 500, Audit Evidence (June 2014)...
read moreGASB 45 Client – The Town of Henniker, NH
The Town of Henniker has just received its updated GASB 75 report from Jefferson Solutions. Once again, an outstanding report with a very quick turn around. Mr Cerrone provided step by step directions and walked us through the entire process, answering questions and...
read moreWhat is the net Other Post-Employment Benefits (OPEB) obligation according to GASB 45?
First, we need to know the Annual Required Contribution. According to GASB, the annual required contribution (ARC) is the amount the employer would be required to contribute for the year, calculated with certain parameters in order to fund the liability over time. The...
read moreWhat Types of Other Post Employment Benefits (OPEB) Exist?
There are two types of OPEB: The first and most common OPEB is referred to as Explicit OPEB. This may include employer paid post-retirement medical, pharmacy, dental, vision, life, long-term disability and long-term care benefits that are not associated with a pension...
read moreWhy Does any Organization Need Actuarial Accounting for GASB 45 and GASB 43?
When an employer wants to hire the best and the brightest, they often include benefits that go beyond the actual employment term. Postemployment Benefits (OPEB) can include health care and life insurance, which go above and beyond the typical pension. School...
read moreLessons for GASB 45
Your GASB 45 / 43 & 74 / 75 OPEB Resource
GASB 74 / 45 and 74 / 75 are some of the most important accounting standards ever issued that will impact government and municipal employers. Understanding, valuing and correctly accounting for benefits provided to employees is challenging and complex, though critical...
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