Posted on: September 26, 2014
If you work in the area of government finance you’ve probably spent a lot of time recently training and preparing for implementation of GASB 67 & GASB 68 relating to your governmental pension plans. We hope you attended one of the pension training programs sponsored by the Georgia Municipal Association this summer where our own Donny McGrath was one of the presenters.
As we had all expected, GASB issued exposure drafts for your OPEB plans which will change the accounting and reporting of these plans. The proposed OPEB standard would be effective for fiscal years beginning after December 15, 2015. GASB has published an article at http://www.gasb.org/resources/ccurl/99/702/GASB%20Proposals_OPEB%20EDs_%286-14%29.pdf that explains the proposed OPEB guidance. Additionally, GASB has issued an exposure draft for a third pension standard that will provide requirements for pensions and pension plans that are not administered by trusts that meet specific criteria. This proposed standard would be effective for fiscal years beginning after June 15, 2016 or 2015 depending on whether the contributing entity falls within the scope of GASB 67 & 68. If you have questions regarding these proposed standards, please give the audit staff at Crace Galvis McGrath a call.