New GASB Retiree Healthcare Standards: What Does It Mean for My Government
The GASB’s new accounting and financial reporting standards on other postemployment benefits (OPEB), including retiree healthcare benefits, are required to be applied to financial statements for years ending June 30, 2018 and beyond. Government officials and external users of financial statements will see for the first time the entire OPEB liability being recognized in the financial statements and more extensive note disclosures and trend information related to that liability.
To assist government officials to better understand that new information, this webinar will address key aspects of the new standards, including:
- What benefits are captured in the calculation of the liability, including a discussion of implicit rate subsidies and the difference between legal obligations and constructive obligations
- What factors are considered in determining the size of the liability, including the discount rate
- What new information related to OPEB can be found in the note disclosures and trend information, including a sensitivity analysis of how changes in the discount rate and healthcare inflation rate could impact the liability.
David R. Bean
Director of Research and Technical Activities, Governmental Accounting Standards Board (GASB)
David R. Bean is the director of research and technical activities for the Governmental Accounting Standards Board. He assigns and provides oversight to the GASB’s research, technical, and administrative activities. Prior to joining the GASB in 1990, David worked in public accounting and government. He also has served as deputy chairman of the International Public Sector Accounting Standards Board (IPSASB). He was the lead author on the 1988 Governmental Accounting, Auditing and Financial Reporting and was the founder of the GAAFR Review. He was the last director of the National Council on Governmental Accounting before the formation of the GASB in 1984. David is a member of the Government Finance Officers Association, the Connecticut and Illinois Government Finance Officers Associations, the American Institute of Certified Public Accountants, the Illinois CPA Society, the Association of Government Accountants, the National Federation of Municipal Analysts, and the Municipal Analysts Group of New York.
Senior Research Manager, Governmental Accounting Standards Board (GASB)
Dean Mead is senior research manager at the GASB, overseeing the GASB’s research agenda, managing external research, coordinating stakeholder outreach and communication, and serving as the staff liaison to the GASAC. Dean is the author of the GASB’s User Guide Series and principal liaison to financial statement user organizations. In 2015, Dean received the Award for Excellence from the National Federation of Municipal Analysts for his efforts to educate municipal analysts about governmental accounting through his publications and presentations. He is a member of NFMA, MAGNY, ABFM, and GRA. Dean also is an adjunct member of the accounting faculty at Rutgers Business School, where he teaches governmental accounting & auditing, governmental financial analysis, and advanced topics in governmental accounting. He currently serves on the editorial board of Journal of Governmental and Nonprofit Accounting. Prior to joining the GASB, he was assistant director of research at the Citizens Budget Commission and an adjunct professor at New York University’s Robert F. Wagner Graduate School of Public Service