32 pages. Excerpt: There's a new accounting rule in town that's beginning to uncover some very large hidden liabilities of state and local governments. It's GASB 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, which drastically changes the accounting by state and local governments for Other Postemployment Benefits or OPEB (e.g., retiree healthcare, life insurance, etc.), moving it from a cash (i.e., pay-as-you-go) basis to an accrual basis.  MORE >>