We have been following how the Governmental Accounting Standards Board (GASB) has made changes as to how Governmental Agencies will have to account for OPEB debt on their financial statements. This is a big deal since the bond-rating agencies will have a clearer picture of the underlying entity financial condition.
What does the Journal of Accountancy think of these changes?
Proposed new accounting standards for other post-employment benefits (OPEB) published Monday by GASB are expected to have a significant impact on state and local government financial statements.
GASB’s work on OPEB is intended to complement its development of new standards issued in 2012 on pensions. The goal is to present users of government financial statements an accurate depiction of the liabilities governments face in their promises to retired employees.
