Three New GASB Exposure Drafts
GASB is continuing its pursuit of placing all governmental debt on the statement of net position. With GASB 68 (Accounting and Financial Reporting for Pensions), governments will include unfunded pension debt on their balance sheets and, later, once the other postemployment benefit plan (OPEB) standards are reviewed and passed, you will likewise–it appears–place unfunded OPEB debt on the balance sheet. But the OPEB decisions are, at present, in the exposure stage.
In late May, GASB issued three exposure drafts (comment deadline for all three is August 29, 2014):
- Financial Reporting of Postemployment Benefit Plans Other Than Pension Plans
- Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions
- Accounting and Financial Reporting for Pensions and Financial Reporting for Pension Plans That Are Not Administered through Trusts That Meet Specified Criteria, and Amendments to Certain Provisions of GASB Statements 67 and 68.
1. above applies to OPEB plans themselves.
2. above applies to employers who offer OPEB plans.
3. above addresses pension plans not administered through trusts (most pension plans are administered through trusts).