Get an update on GASB New OPEB Standards regarding accounting and financial reporting. Understand the OPEB Standards. Compare with prior standards for historical context. Work through exercises to review a city's CAFR and actuarial valuation and another class exercise to review the financial reporting of Net OPEB Liability and related note disclosures. The New OPEB Standards are GASB Statements Nos. 74, 75 and 92.
Learning Objectives
- Establishes financial reporting and accounting for state and local governmental OPEB Plans.
- Review a City's Comprehensive Annual Financial Report (CAFR) as it relates to the Net OPEB Liability.
- Recognize and review an actuarial valuation for the Total OPEB Liability.
- Understand the consistencies and inconsistencies of the OPEB Standards as compared to the Pension Standards.
- Determine what is the Measurement Date.
- Discuss the use of the Alternative Measurement Method for the Total OPEB Liability.
Major Topics
- Accounting and Financial Reporting for Net OPEB Liability
- GASB Statements:
- No. 74, Financial Reporting for Post-employment Benefit Plans Other Than Pension Plans
- No. 75, Accounting and Financial Reporting for Post-employment Benefits Other Than Pensions
- No. 85, Omnibus 2017
- No. 92, Omnibus 2020
- Effect of the Measurement Date
- Impact on Deferred Outflows of Resources and Deferred Inflows of Resources
- Defined Benefit and Defined Contribution OPEB Plans
- Actuarial Valuation of Total OPEB Liability
- Generally Accepted Accounting Principles for government
