The Governmental Accounting Standards Board (GASB) has released Statement No. 57, OPED Measurements by Agent Employers and Agent Multiple-Employer Plans and Statement No. 58, Accounting and Financial Reporting for Chapter 9 Bankruptcies. The statements were issued in an attempt to improve the consistency in measurement and financial reporting of other postemployment benefits, including retiree health insurance, and municipal bankruptcy effects. Statement 57 discusses issues relating to the measurement OPEB obligations for employers taking part in agent multiple-employer OPEB plans. Statement 58 offers a guidance for governments petitioning for protection for creditors through Chapter 9 bankruptcy. For more information regarding the statements, visit http://gasbpubs.stores.yahoo.net.
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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 financial statements, users of those statements, and members of the academic community. More information about the GASB can be found at its website, http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.gasb.org%2F&esheet=6128518&lan=en_US&anchor=www.gasb.org&index=2&md5=9e4972faa8aa2834f2357a7445ffca30.
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