The Governmental Accounting Standards Board voted unanimously Wednesday to approve two exposure drafts proposing significant improvements to financial reporting by state and local governments of other post-employment benefits, such as retiree health insurance.

The most significant effect of the exposure drafts would be to require governments to recognize their net liabilities of other post-employment benefits, or OPEB, on the face of their financial statements, providing all financial statement users with a more comprehensive understanding of these significant promises than is currently available.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access