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GASB Statement No. 43, Financial Reporting for Post-employment Benefit Plans other than Pension Plans GASB Statement No. 45, Accounting and Financial Reporting by Employers for Post-employment Benefits other than Pensions GASB No. 43 . Standards for financial reporting of benefits to retirees other than pension. . According to the GASB, the standard ''provides a framework for transparent financial reporting by governmental entities that have fiduciary responsibility for OPEB [other post-employment benefits] plan assets regarding their stewardship of plan assets, the funded status, and funding progress of the plan, and employer contributions to the plan." . GASB said the approach taken "generally is consistent with that adopted in the GASB standards for pension plans, with modifications to reflect OPEB plan differences." GASB 45 - Accounting and Financial Reporting by Employers for Post-employment Benefits Other Than Pensions . Standards on how state and local governments should account for and report their costs and obligations related to post-employment healthcare and other non-pension benefits. Collectively, these benefits are commonly referred to as other post-employment benefits, or OPEB. . The statement generally requires that state and local governmental employers account for and report the annual cost of OPEB and the outstanding obligations and commitments related to OPEB in essentially the same manner as they currently do for pensions. . Annual OPEB cost for most employers will be based on actuarially determined amounts that, if paid on an ongoing basis, generally would provide sufficient resources to pay benefits as they come due. . The provisions of Statement 45 may be applied prospectively and do not require governments to fund their OPEB plans. An employer may establish its OPEB liability at zero as of the beginning of the initial year of implementation; however, the unfunded actuarial liability is required to be amortized over future periods. . Statement 45 also establishes disclosure requirements for information about the plans in which an employer participates, the funding policy followed, the actuarial valuation process and assumptions, and, for certain employers, the extent to which the plan has been funded over time. . For more information about the standards, go to www.gasb.org and to order an implementation guide for the standards, go to http://store.yaboo.comlgasbpubslpublications-implementation-guides.html About the Governmental Accounting Standards Board The GASB is the independent, not-for-profit organization formed in 1984 that establishes and improves financial accounting and reporting standards for state and local governments. Its seven members are drawn from the Board's diverse constituency, including preparers and auditors of government [mancial statements, users ofthose statements and members of the academic community. More information about the GASB can be found at its website WWW.1l8Sb.Ofll. T-2..