Marcy Twyman, Managing Shareholder Crawford & Associates, P.C.
The Governmental Accounting Standards Board (GASB) has issued three new statements that will improve accounting and financial reporting for postemployment benefits other than pensions (OPEB), mainly retiree health insurance, and pension plans outside the scope of GASB 67 and 68. That brings the total statements issued by GASB up to 75. The specific titles and effective dates of these new statements are:
GASB Statement No. 73, Accounting and Financial Reporting for Pensions and Related Assets That Are Not within the Scope of GASB Statement 68 and Amendments to Certain Provisions of GASB Statements 67 and 68 – effective for fiscal years beginning after June 15, 2015—except those provisions that address employers and governmental nonemployer contributing entities for pensions that are not within the scope of Statement 68, which are effective for financial statements for fiscal years beginning after June 15, 2016.
GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans – effective for fiscal years beginning after June 15, 2016. This statement applies to OPEB plans and basically parallels GASB Statement 67 and replaces GASB Statement 43.
GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions – effective for fiscal years beginning after June 15, 2017. This statement applies to government employers who provide OPEB plans to their employees and basically parallels GASB Statement 68 and replaces GASB Statement 45.
These standards will be available for download on GASB’s website, www.gasb.org, in late June 2015. Stay tuned for more details as they become available.