Retirement Benefits Among Issues GASB Addresses in Omnibus Statement

The Government Accounting Standards Board (GASB) on March 20 issued an omnibus statement that addresses a variety of accounting and financial reporting issues identified during the implementation and application of GASB pronouncements; issues related to pensions and other postemployment benefits (OPEB) are among them.

Issues related to retirement benefits that are addressed by GASB Statement No. 85, Omnibus 2017, include:

• timing of the measurement of pension and OPEB liabilities and related expenditures recognized in financial statements prepared using the current financial resources measurement focus;

• recognizing on-behalf payments for pensions or OPEB in employer financial statements; and

• simplifying certain aspects of the alternative measurement method for OPEB.

Statement 85 also addresses issues similar to those covered in Statements No. 78, Pensions Provided through Certain Multiple-Employer Defined Benefit Pension Plans, and No. 82, Pension Issues, including:

• payroll-related measures in required supplementary information by OPEB plans and employers that provide OPEB;

• classifying employer-paid member contributions for OPEB; and

• accounting and financial reporting for OPEB provided through certain multiple-employer defined benefit OPEB plans.

The provisions of Statement 85 are effective for periods beginning after June 15, 2017. GASB encourages earlier application.