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GASB Summaries |
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GASB Summaries |
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Statement No. 12 Disclosure of Information on Postemployment Benefits Other Than Pension Benefits by State and Local Governmental Employers STATUS Issue Date: May 1990 Effective Date: Financial statements for fiscal years beginning after June 15, 1990 Affects: Amends NCGAI 6, paragraph 5 and Appendix Affected by: Paragraph 11 will be superseded by GASBS 27, ¶24 Paragraph 12 amended by GASBS 14, ¶11 and ¶63 Primary Codification Section Reference: P50 Primary Codification Section Reference: Co5 Abbreviations for Accounting Pronouncements GASBS - GASB Statements GASBI - GASB Interpretations GASBTB - GASB Technical Bulletins GASBCS - GASB Concepts BFC - Basis for Conclusions NCGAS - NCGA Statements NCGAI - NCGA Interpretations SOP - AICPA Statements of Position ASLGU - AICPA Audit Guide SUMMARY This Statement requires these disclosures to be made by all state and local governmental employers that provide postemployment benefits other than pension benefits: (a) a description of the benefits provided, employee groups covered, and the employer and participant obligations to contribute; (b) a description of the statutory, contractual, or other authority under which benefit provisions and obligations to contribute are established; (c) a description of the accounting and financing or funding policies followed for those benefits; and (d) the expenditures/expenses for those benefits recognized for the period and certain related data. Except for these disclosures, until the GASB has completed its project on recognition and measurement of postemployment benefits other than pension benefits, state and local governmental employers are not required to change their accounting and financial reporting of those benefits. Unless otherwise specified, pronouncements of the GASB apply to financial reports of all state and local governmental entities, including public benefit corporations and authorities, public employee retirement systems, and governmental utilities, hospitals, colleges, and universities. Paragraph 9 discusses the applicability of this Statement. Copyright by Governmental Accounting Standards Board. All Rights Reserved. Used by Permission. Click Here for Order Information
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