Norwalk, Conn. (Aug. 3, 2004) — The Governmental Accounting Standards Board has issued Statement No. 45, a measure that addresses how state and local governments should account for and report their costs and obligations related to post-employment health-care and other non-pension benefits.
The statement, Accounting and Financial Reporting by Employers for Post-employment Benefits Other Than Pensions, requires that state and local government employers account for and report the annual cost of OPEB and the outstanding obligations and commitments related to OPEB in essentially the same manner as they currently do for pensions.
Statement 45 also establishes disclosure requirements for information about the plans in which an employer participates, the funding policy followed, the actuarial valuation process and assumptions, and, for certain employers, the extent to which the plan has been funded over time.
— WebCPA staff
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