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Fas 106


Guest ronc
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Can anyone tell me if governmental employers are exempt from the FAS 106 requirement for retiree medical plans?

Thanks in advance.

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Government employers are not subject to any financial accounting standard released by the FASB -- they have their own set of standards under the Government Accounting Standards Board (GASB).

The GASB has a new statement on post-retirement medical obligations due out early next year.

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GASB 12 ("Disclosure of Information on Postemployment Benefits Other Than Pension Benefits by State and Local Governmental Employers") has been out since 1990. And GASB 34 ("Basic Financial Statements—and Management's Discussion and Analysis—for State and Local Governments") was issued in 1999, although it doesn't apply to small governments until as late as 2003.

When the dust settles, it is likely that governmental employers will have the same type of disclosures as audited firms do under FAS 106.

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I claim no special insight into deliberations of the GASB, but the last statement from vebaguru seems misleading to me. Expecting that GAS statements will be similar to FAS statements might be a bit hasty. (I doubt that anyone would state that GAS 27 looks like FAS 87.)

I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.

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