GASB Statement 45 on OPEB Accounting by Governments – A Few Basic Questions and Answers

Source: Governmental Accounting Standards Board, Statement 45 on OPEB Accounting by Governments – A Few Basic Questions and Answers

1. Why was Statement 45 on OPEB accounting by governments necessary?
Statement 45 was issued to provide more complete, reliable, and decision-useful financial reporting regarding the costs and financial obligations that governments incur when they provide postemployment benefits other than pensions (OPEB) as part of the compensation for services rendered by their employees. Postemployment healthcare benefits, the most common form of OPEB, are a very significant financial commitment for many governments. ….

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