Possible Changes in Municipal Accounting and Reporting of OPEB

Eye on GASBMunicipalities could be obligated to be increasingly more transparent regarding what they owe in retiree health care and other non-pension benefits.  This comes under the newly proposed accounting rules brought fourth Monday June 16, 2014 by the Governmental Accounting Standards Board.  The suggested improvements to the current standards of accounting and financial reporting of OPEB by state and local governments, has two main objectives; to improve accountability and improve usefulness.  The ultimate goal is to provide easily understood and clear information to retirees, taxpayers, policy makers and investors.

The full proposal is outlined on the Governmental Account Standards Board website, here.

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