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1 edition of Employers" accounting for pensions and other post-employment benefits found in the catalog.

Employers" accounting for pensions and other post-employment benefits

Financial Accounting Standards Board.

Employers" accounting for pensions and other post-employment benefits

preliminary views

by Financial Accounting Standards Board.

  • 36 Want to read
  • 31 Currently reading

Published by FASB in Stamford, Conn .
Written in English


Edition Notes

Statementof theFinancial Accounting Standards Board.
SeriesPreliminary views
ID Numbers
Open LibraryOL14376311M

Mar 30,  · The accounting for pensions can be quite complex, especially in regard to defined benefit plans. In this type of plan, the employer provides a predetermined periodic payment to employees after they retire. The amount of this future payment depends upon a number of future events, such as estimates. The requirement for determining, recording, and reporting OPEB liability comes from GASB Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, issued in June

FASB Statement no. 87, Employers' Accounting for Pensions, and Statement no. , Employers' Accounting for Postretirement Benefits Other Than Pensions, dramatically altered the financial statements of public and nonpublic companies—Statement no. 87 by requiring them to recognize and disclose more data about pension benefit obligations and. Home / Information Tools / Library Catalog / An elected official's guide to employer's accounting for pensions and other post-employment benefits An elected official's guide to employer's accounting for pensions and other post-employment benefits (OPEB) Let MRLn help you find books, articles, DVDs, and other municipal government related.

Get this from a library! Preliminary views of the Financial Accounting Standards Board on major issues related to employers' accounting for pensions and other postemployment benefits.. [Financial Accounting Standards Board.]. Get this from a library! An Analysis of issues related to employers' accounting for pensions and other postemployment benefits: February 19, [Financial Accounting Standards Board.;].


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Employers" accounting for pensions and other post-employment benefits by Financial Accounting Standards Board. Download PDF EPUB FB2

Jun 07,  · An Elected Official's Guide: Employer's Accounting for Pensions and Other Post-Employment Benefits (OPEB) (English and French Edition) [Stephen J.

Gauthier] on stevefrithphotography.com *FREE* shipping on qualifying stevefrithphotography.com: Stephen J. Gauthier. Other Postemployment Benefits (or OPEB) are benefits (other than pensions) that U.S. state and local governments provide to their retired employees.

These benefits principally involve health care benefits, but also may include life insurance, disability, legal and other services.

Employers’ accounting for postretirement benefits other than pensions under statutory accounting shall be consistent with existing statutory guidance in the Accounting Practices and Procedures Manuals for Life and Accident and Health and for Property and Casualty Insurance Companies.

The provisions of this Statement are similar, in many respects, to those in FASB Statements No. 87, Employers' Accounting for Pensions, and No. 88, Employers' Accounting for Settlements and Curtailments of Defined Benefit Pension Plans and for Termination Benefits. Recognize as a component of other comprehensive income, net of tax, the gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic benefit cost pursuant to FASB Statement No.

87, Employers’ Accounting for Pensions, or No. Employers’ Accounting for Postretirement Benefits Other Than Pensions.

The Government Accounting Standards Board (GASB) standards on pensions and postemployment benefits other than pensions (OPEB) substantially change the accounting and financial reporting of public employee pension and OPEB plans and the state and local governments that participate in.

Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions (Issued 6/04) In addition to pensions, many state and local governmental employers provide other postemployment benefits (OPEB) as part of the total compensation offered to attract and retain the services of qualified employees.

Accounting for other benefits. In addition to pension accounting, companies also have to provide other benefits that are treated similarly to pensions from an accounting perspective. For example, some companies continue to pay for medical services used by former employees who have retired. This is seen in several companies in the United States.

Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions GASB pronouncements apply to governmental entities, public benefit entities, public employee retirement systems, and public utilities, hospitals and other healthcare providers, and colleges and universities.

GASB defines other post-employment benefits (OPEB) as benefits other than pensions that state and local governments provide their retired employees. These benefits principally involve retiree health care benefits, but they also can include life insurance, legal, disability, and other services.

In Junethe Governmental Accounting Standards Board (“GASB”) published Statement No. 45 Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions Other Post-Employment Benefits (“OPEBs”) are com pensation for employee services that are realized at some point in the future Why GASB 45.

ACCOUNTING FOR PENSION PLANS LEARNING OBJECTIVE Understand the required disclosures for pension plans and analyze changes in the assets and liabil-ities of a pension plan during a period.

Chapter 10 sets forth the guiding principle for recognizing the cost of pension and other. Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans: Plan financial reports: Fiscal years beginning after December 15, Implementation Guide Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions (and Certain Issues Related to OPEB Plan Reporting) Employer financial reports.

Other post-retirement benefits are benefits, other than pension distributions, paid to employees during their retirement years. Post-retirement benefits may include life insurance and medical plans, or premiums for such benefits, as well as deferred-compensation arrangements.

Pension and other postretirement benefits: accounting similarities and differences. by Smith, Jack L. Abstract- An assessment of the similarities and differences between the Statement of Financial Accounting Standard (SFAS) No 87, 'Employers' Accounting for Pensions' and SFAS No'Employers' Accounting for Postretirement Benefits Othan than Pensions' leads to a better.

Improve the Financial Accounting and Reporting of the Benefits FASB has issued Statement no. Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans, to reform accounting for pension and other postretirement benefit plans.

Oct 26,  · To assist employers with financial reporting, VRS is providing GASB schedules and corresponding opinions issued by the state auditor's office. In addition, VRS has developed sample journal entries and sample note disclosures for employers' reference for other post-employment benefits.

Jun 07,  · Pension and postretirement benefits represent a significant cost to employers. The Financial Accounting Standards Board has specified that postretirement benefits are a form of deferred compensation. FASB concluded that the obligation to provide postretirement benefits is incurred as the employee renders services.

New rules issued by the Governmental Accounting Standards Board (GASB) that change the way states account for the future cost of health and other non-pension benefits for retirees will force states to make some hard choices.

For the first time, state and local governments must treat the costs of health and other non-pension benefits for retirees the same way they treat pension costs when.

POSTRETIREMENT BENEFITS OTHER THAN PENSIONS FASB Statement No. relates only to single-employer defined benefit postretirement plans. The benefits are defined either in monetary amounts,such as a designated amount of life insurance,or as benefit coverage,such as specified coverage for hospital or doctor.

Post-retirement benefits includes defined benefit plan, pension plan, life insurance, other post-employment benefits, covered earnings, (e) welfare benefit plans, and various other benefits and plans for your retirement.

Post-retirement benefits focus on health plans and various health covers.An Elected Official’s Guide to Employer’s Accounting for Pensions and Other Post-Employment Benefits, Stephen J. Gauthier, Government Finance Officers Association, GFOA Best Practice, Communicating Health-Care Benefits to Employees and Retirees ().

GFOA Best Practice, Strategic Health-Care Plan Design ().The key distinction between other post-employment benefits (OPEB) and post-employment benefits is OPEB are not offered as an integral part of a pension plan and include all forms of post-employment healthcare.

Post-employment benefits, on the other hand, are a form of employee compensation (salaries and wages), which former employees or their beneficiaries do not enjoy until after they have.