Local governments will have to record the cost of health insurance and other benefits on their financial statements, according to new Other Post Employment Benefit (OPEB) standards issued by the Governmental Accounting Standards Board (GASB) on June 2, 2015. Currently, such costs are disclosed only in footnotes. The new accounting standards  take effect for the years starting after June 15, 2016.

Read the press release on Statement 74 and Statement 75 here.

Visit link