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This document certifies the asset allocation strategy and discount rate selection for OPEB funding, outlines the ARC funding policy, and provides instructions for compliance with GASB 43/45 reporting

How to fill out certification of opeb funding

How to fill out CERTIFICATION OF OPEB FUNDING POLICY & GASB 43/45 REPORTING COMPLIANCE

1. Gather all necessary financial data related to Other Post-Employment Benefits (OPEB).
2. Review the OPEB funding policy documents to ensure all relevant information is present.
3. Complete the certification form by inputting the required financial figures.
4. Verify compliance with GASB 43/45 standards as you fill out the form.
5. Have the completed certification reviewed by a financial advisor or auditor.
6. Submit the completed and certified form to the appropriate regulatory authority.

Who needs CERTIFICATION OF OPEB FUNDING POLICY & GASB 43/45 REPORTING COMPLIANCE?

1. Public sector employers providing OPEB benefits to employees.
2. Government entities subject to GASB standards for financial reporting.
3. Actuarial firms involved in OPEB evaluations and funding policy compliance.
4. Financial auditors assessing compliance with OPEB reporting requirements.

People Also Ask about

What is GASB compliance?

The GASB establishes accounting and financial reporting standards for U.S. state and local governments that follow generally accepted accounting principles (GAAP). The Governmental Accounting Research System™ (GARS) provides access to those standards.

Who is required to follow GASB?

Governments and the accounting industry recognize the GASB as the official source of generally accepted accounting principles (GAAP) for state and local governments. (About GASB). GASB standards are GAAP for state and local governmental entities only.

What is gasb 45?

Statement #45 of the Governmental Accounting Standards Board (GASB 45) addresses the accounting and financial reporting by employers for their Other Post-Employment Benefits (OPEB).

What entities are subject to GASB?

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, utilities, hospitals and other healthcare providers, and colleges and universities.

How is GASB different from GAAP?

The Governmental Accounting Standards Board (GASB) sets financial accounting and reporting standards, known as Generally Accepted Accounting Principles (GAAP), for state and local government. The Financial Accounting Standards Board (FASB) sets standards for public and private companies and non-profit organizations.

What is GASB and what does it do?

Established in 1984, the Governmental Accounting Standards Board (GASB) is the independent, private- sector organization based in Norwalk, Connecticut, that establishes accounting and financial reporting standards for U.S. state and local governments that follow Generally Accepted Accounting Principles (GAAP).

What is a net OPEB asset?

Net OPEB obligation (or asset): The cumulative difference between annual OPEB cost in relation to the ARC and the employer's contributions. The net OPEB obligation is reported as a liability (or asset) in the accrual-basis financial statements.

What financial statements are required by GASB?

The basic financial statements should include: Government-wide financial statements, consisting of a statement of net assets and a statement of activities.

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What is CERTIFICATION OF OPEB FUNDING POLICY & GASB 43/45 REPORTING COMPLIANCE?

The Certification of OPEB (Other Post Employment Benefits) Funding Policy & GASB 43/45 Reporting Compliance is a required report ensuring that an organization's funding policy for OPEB is in accordance with Governmental Accounting Standards Board (GASB) Statements 43 and 45. This certification aims to provide transparency and compliance in accounting and financial reporting related to these benefits.

Who is required to file CERTIFICATION OF OPEB FUNDING POLICY & GASB 43/45 REPORTING COMPLIANCE?

Entities that provide OPEB benefits to their employees, including municipalities, government agencies, and other public sector organizations, are generally required to file the Certification of OPEB Funding Policy and ensure compliance with GASB 43/45.

How to fill out CERTIFICATION OF OPEB FUNDING POLICY & GASB 43/45 REPORTING COMPLIANCE?

To fill out the Certification of OPEB Funding Policy, organizations must gather relevant financial data and actuarial valuations of their OPEB liabilities, detail their funding strategy, confirm compliance with GASB requirements, and submit the completed form to the appropriate oversight body, often with the assistance of financial advisors or actuaries.

What is the purpose of CERTIFICATION OF OPEB FUNDING POLICY & GASB 43/45 REPORTING COMPLIANCE?

The purpose of the Certification is to ensure that entities responsibly manage and report their OPEB liabilities, thereby promoting accountability, fiscal sustainability, and informed decision-making among stakeholders regarding public sector financial health.

What information must be reported on CERTIFICATION OF OPEB FUNDING POLICY & GASB 43/45 REPORTING COMPLIANCE?

The certification must include details on the organization's OPEB funding policy, actuarial assumptions, the amount funded, estimated liabilities, and information about future funding plans, as well as confirmations of compliance with GASB 43/45 standards.