Texans have always been an independent bunch, but many Lone Star CPAs think that their state legislature is going too far when it tries to write off Statement 45 of the Governmental Accounting Standards Board as irrelevant.State Senator Robert Duncan and State Representative Vicki Truitt, both Republicans, introduced alternative bills in their respective financial committees that would allow, but not require, governmental entities to issue financial statements that do not comply with Statement 45. The bills define an alternative method of accounting that would not record projected post-retirement benefits as a liability.
GASB 45 requires governmental entities to report as liabilities the estimated future cost of providing post-employment benefits other than pensions, most of which tend to be health care.
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