Tuesday, October 26, 2010

GASB issues OPEB, bankruptcy guidance

The organisation entrusting has released the Declaration No 57, OPEB measures by employers as agent and agent-employer more plans and Declaration No 58, accounting and financial reporting for the protection of Chapter 9.

According to an announcement of GASB, 57 statement discusses measurement obligations OPEB by some employers participating in the plans of OPEB agent multiple-employer.(Agent plans multiple-employer, separate liabilities are calculated and separate asset accounting, each participating Government, rather than being administered and accounted for as a single plan, the same way a cost allocation plan).

57 Statement changes the Declaration No 43, Financial Reporting for Postemployment Benefit plans other than Pension Plans and education no 45, accounting and financial reporting by employers for Postemployment benefits over pensions.

In particular, according to the announcement, 57 of statement:

allows some employers as agent to use the alternative method of measurement, a less complex and potentially less for a full actuarial valuation;rule the need for a defined benefit plan actuarial OPEB get an evaluation, in the light of change allowing more qualifying employers use the alternative method of measurement; and clarifies that the same frequency and timing of determining measures OPEB are necessary for multiple planes-employer agent both participating employers.

Bankruptcy protection

58 Statement provides guidance for Governments that have filed for bankruptcy protection in Chapter 9 of the United States Bankruptcy Code. It establishes requirements for recognising and measuring the effects of the process of bankruptcy on assets and liabilities and changes in classification of those facts and the associated costs.

"Stress that the current economic context is putting on the State and local government resources and the lack of existing financial reporting guidance necessary because GASB issues financial reporting associated with local qualified that file for bankruptcy protection in Chapter 9," said the President Robert Attmore, GASB in ad.

The provisions of the Declaration 57 related to the use and reporting of the alternative method of measurement shall be immediately effective. provisions concerning the frequency and timing of measurements are effective for first actuarial assessments used to report information of State funded plan in the financial statements for periods commencing OPEB after 15 June 2011.58 Statement is effective for reporting periods beginning after June 15, 2009.

More information on how to order copies of new documents GASB are here.

Fred Schneyer

View the original article here

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