What will GASB 45 accomplish?
When they implement GASB 45, many governments will report, for the first time, annual OPEB costs and the unfunded actuarial accrued liabilities (UAAL) for past service costs. Disclosure of this information will foster improved accountability and better informed policy decisions about the level and types of benefits provided by employers and potential methods of financing and managing those benefits. While governments are not required by GASB 45 to fund these benefits, they must now report them in their financial statements.
