Orange County NC Website
Browse       Search
21 <br /> 1 AULDIN N4920shl-1, <br /> & ENKINS <br /> Comments, Recommendations, ORANGE COUNTY <br /> and Other Issues (Continued) NORTH CAROLINA <br /> New GASB Pronouncements for Future Years <br /> GASB Statement No. 73, Accounting and Financial Reporting for Pensions and Related Assets That Are Not <br /> within the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB Statements 67 and <br /> 68, brings standards for recording the Total Pension Liability (similar to the requirements of GASB Statement <br /> 68) for plans not covered by that standard. This requirement will be applicable for June 30, 2017. This should <br /> affect the reporting of the County's Law Enforcement Officer's Special Separation Allowance. <br /> GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, <br /> enhances note disclosures and RSI for OPEB plan financial statements. This standard is similar to the <br /> requirements of Statement No. 67 (implemented in 2014) related to pensions and impacts the financial <br /> statements of the plan (i.e. OPEB Trust Fund) itself. The County currently does not have a OPEB Trust Fund. <br /> Applicable for June 30, 2017. <br /> GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than <br /> Pensions, requires governments providing defined benefit OPEB plans (post-retirement health-care benefits) <br /> to recognize the full amount of their long-term obligation for OPEB benefits as a liability for the first time, and <br /> to more comprehensively and comparably measure the annual costs of OPEB benefits. This standard is <br /> similar to the requirements of Statement No. 68 related to pensions which was implemented this year. <br /> Applicable for June 30, 2018. <br /> Al I <br /> ir <br />