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.
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