United States

Implementation Guide: Financial reporting for OPEB plans

FINANCIAL REPORTING INSIGHTS  | 

The Governmental Accounting Standards Board (GASB) recently issued GASB Implementation Guide No. 2017-2, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. The objective of the Implementation Guide is to provide guidance that clarifies, explains or elaborates on the requirements of GASB Statement 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. Numerous questions and answers in the proposed Guide address issues related to financial reporting for other postemployment benefit plans (OPEB plans).

Except for the requirements in Questions 4.80, 4.144 and 4.151, the requirements of the Implementation Guide are effective for reporting periods beginning after December 15, 2016. Earlier application is encouraged if Statement 74 has been implemented. The requirements in Questions 4.80, 4.144 and 4.151 are effective for reporting periods beginning after June 15, 2017. Earlier application is encouraged if the related OPEB plan provision of Statement 85, Omnibus 2017, has been implemented.