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Reporting Updates for Post-Employment Benefits Other than Pensions

In 2015, the Governmental Accounting Standards Board (GASB) released a new reporting standard specifically related to post-employment benefits (OPEB) other than pensions. This new standard, GASB Statement No. 74, “Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans,” revised the reporting requirements previously mandated under GASB 43. Public OPEB plans are required to comply with the new requirements beginning with the first plan fiscal year after June 15, 2016. Most of GASB 74 applies to plans administered through trusts in which contributions are irrevocable, trust assets are dedicated to providing OPEB to plan members and trust assets are…


Reporting Updates for Pension Plans

In 2012, the Governmental Accounting Standards Board (GASB) released a new reporting standard specifically related to public pension plans. The prior GASB’s pension standard, GASB Statement No. 25, had been in place for more than a decade and research indicated opportunities for significant improvement. This new standard, GASB Statement No. 67, “Financial Reporting for Pension Plans”, substantially revised the reporting requirements previously mandated under GASB 25. Public pension plans were required to comply with the new requirements beginning with the first fiscal year after June 30, 2013.

The primary financial statements have not changed significantly, but the note disclosures…

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