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Blog Tag: post-retirement benefits

In June 2015, the Governmental Accounting Standards Board (GASB) released new accounting standards that will significantly change how public sector employers report their other post-retirement benefits (OPEB) in their financial statements. The new accounting standards will require reporters of the financial results and the actuaries who assist them to significantly change their procedures as they relate to OPEB reporting. This article will provide a high-level summary of the changes and effective dates of the new accounting standards (more detailed technical summaries of the changes will be provided in subsequent articles). It will also address a planning opportunity to conform to the new accounting standards that could potentially reduce the effort and expense involved in the transition.

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