The Governmental Accounting Standards Board (GASB) has issued Implementation Guide No. 2018-01 to provide guidance that clarifies, explains, or elaborates on GASB Statements.
Among other things, the Implementation Guide answers questions about Statement No. 68, “Accounting and Financial Reporting for Pensions” and Statement No. 74, “Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans.”
Statement 68 requires governments providing defined benefit (DB) pensions to recognize their long-term obligation for pension benefits as a liability for the first time, and to more comprehensively and comparably measure the annual costs of pension benefits. The Statement also includes revised and new note disclosures and required supplementary information (RSI).Statement 74 replaces GASB Statement No. 43. It addresses the financial reports of defined benefit OPEB plans that are administered through trusts that meet specified criteria. The statement follows the framework for financial reporting of defined benefit OPEB plans in Statement 43 by requiring a statement of fiduciary net position and a statement of changes in fiduciary net position. The statement requires more extensive note disclosures and RSI related to the measurement of the OPEB liabilities for which assets have been accumulated, including information about the annual money-weighted rates of return on plan investments. Statement 74 also sets forth note disclosure requirements for defined contribution OPEB plans.