The Governmental Accounting Standards Board (GASB) has released GASB 75 “Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions” – a new accounting standards for public Other Post Employment Benefit (OPEB) plans which will replace GASB 45.
These Statements largely mirror recent changes to pension accounting made under GASB 67/68 and will significantly alter the measurement and reporting standards previously in place under GASB 45. This new Statement will move accounting for OPEB to the balance sheet and income statement from the notes disclosure, bringing more focus onto OPEB liabilities and related outflows/inflows.
Implementation of these Statements is required for fiscal years beginning after June 15, 2017.