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.
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