Project Pages

Implementation Guide for Statements 74 and 75 on Other Postemployment Benefits

Project Description: The objective of this project is to publish guidance to assist OPEB plans, employers, and governmental nonemployer contributing entities as they address implementation issues associated with Statements No. 74, Financial Reporting for Postemployment Benefits Plans Other Than Pension Plans, and No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, as applicable. This project will result in the issuance of two Implementation Guides—the first focused on plan implementation issues and the second focused on additional issues related to employer-specific requirements.

Status:
Exposure Draft issued: October 2016
Added to Current Agenda: September 2015

Implementation Guide for Statements 74 and 75 on Other Postemployment Benefits—PROJECT PLAN


Background
: Statements 74 and 75 were approved in June 2015. Statement 74 is effective for fiscal years beginning after June 15, 2016. Statement 75 is effective for fiscal years beginning after June 15, 2017. The need for implementation guidance is indicated by the complexity of the OPEB standards, generally.

Accounting and Financial Reporting Issues: Statements 74 and 75 were approved in June 2015. Statement 74 is effective for fiscal years beginning after June 15, 2016. Statement 75 is effective for fiscal years beginning after June 15, 2017. The need for implementation guidance is indicated by the complexity of the OPEB standards, generally. Although certain implementation guidance issued relative to Statements No. 67, Financial Reporting for Pension Plans, and No. 68, Accounting and Financial Reporting for Pensions, applies equally to Statements 74 and 75, respectively, other issues specific to OPEB warrant additional implementation guidance.

Project History:
  • Added to current technical agenda: September 2015
  • Consultative group appointed? Yes
  • Deliberations began: September 2016
  • Exposure Draft of a proposed Implementation Guide to Statement 74 cleared for issuance: October 2016
  • Comment period: November–December 2016
  • Redeliberations began: March 2017
Current Developments: In September 2016, the Board reviewed a preballot draft of a proposed Implementation Guide. In October, the Board reviewed a ballot draft of an Exposure Draft and cleared the document for issuance. The comment period will conclude on December 19, 2016.

Work Plan:

Board Meetings Topics to be considered
Statement 74 Guide  
April 2017: Review a ballot draft and consider a final Implementation Guide for clearance.
Statement 75 Guide  
April 2017: Develop additional materials for employer-specific guidance related to requirements in Statement 75; obtain feedback from consultative group.
May 2017: Review a preballot draft of a proposed Implementation Guide.
June 2017: Review a ballot draft of an Exposure Draft and consider a proposed Implementation Guide for approval.
July–
August 2017:
Comment period (60 days).
October 2017: Redeliberate issues based on respondent feedback and review a preballot draft of a final Implementation Guide.
November 2017 (T/C): Review a ballot draft and consider a final Implementation Guide for clearance.

Implementation Guide for Statements 74 and 75 on Other Postemployment Benefits—RECENT MINUTES


Minutes of Teleconference, March 27, 2017

The Board reviewed a preballot draft of the final Implementation Guide No. 2017-X, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, and provided clarifying edits. The Board did not object to moving forward with a ballot draft of a final Implementation Guide.

Minutes of Meetings, March 7–9, 2017

The Board discussed issues raised by respondents to the Exposure Draft of Implementation Guide 201X-X, Financial Reporting for Postemployment Benefit Plans Other Than Pensions. The Board also considered modifications to some proposed questions in response to those issues. The Board did not object to the proposed modifications, including the exclusion from the Implementation Guide of proposed Questions 4.5, 4.24, 4.126–4.129, and 4.138, and provided other suggestions to clarify the content of the materials.

Minutes of Teleconference, October 5, 2016

The Board reviewed a ballot draft of a proposed Exposure Draft of Implementation Guide No. 201X-X, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, and considered clarifying edits to questions and answers in the draft document. After discussing those proposals, the Board did not object to the issuance of the Exposure Draft of the Implementation Guide.

Minutes of Meetings, September 13–15, 2016

The Board reviewed a preballot draft of a proposed Exposure Draft of Implementation Guide No. 201X-X, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, and provided suggestions for clarifying edits to questions and answers in the draft document. The Board also discussed and provided feedback on the proposed effective date of the Implementation Guide. The Board did not object to moving forward with a ballot draft of a proposed Implementation Guide.