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GASB Issues OPEB Implementation Guidance

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The GASB has issued Implementation Guide 2017-2, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. This implementation guide constitutes Category B authoritative guidance under GAAP.
June 1, 2017

The GASB has issued Implementation Guide 2017-2, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. This implementation guide constitutes Category B authoritative guidance under GAAP.

The GASB periodically issues implementation guidance to assist practitioners in implementing GASB Statements and to answer frequently asked questions. The implementation guidance takes the form of questions and answers on a variety of governmental accounting topics. Implementation Guide 2017-2 addresses financial reporting for post-employment benefit plans other than pension plans (OPEB) as it relates primarily to implementing GASB Statement Number 74. These benefits are primarily related to retiree healthcare. Concepts that are addressed include the different types of OPEB plans, financial statement presentation and required supplementary information, and measurement of the OPEB liability.

The effective date of implementation of GASB Statement Number 74 is for financial statements for fiscal years beginning after June 15, 2016. The requirements of Implementation Guide 2017-2, except for guidance described in questions 4.80, 4.144, and 4.151, are effective for reporting periods beginning after December 15, 2016. Earlier application is encouraged if GASB Statement Number 74 has been implemented. The requirements described by questions 4.80, 4.144, and 4.151 are effective for reporting periods beginning after June 15, 2017. Earlier application of those provisions is encouraged if the related OPEB plan provision of GASB Statement Number 85 has been implemented.

The full text of Implementation Guide 2017-2 is available here.

 

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