GASB 45The Government Accounting Standards Board (GASB) issued Statement 45 (GASB 45) in June 2004; This statement establishes accounting and reporting standards for post-employment benefits other than pensions, or “other post-employment benefits (OPEB),” offered by state and local governments. Requires local governments to actuarially determine their required annual contribution (ARC) to fund OPEB and account for the unfunded amount as a liability in annual financial statements. Public employers required to comply with GASB 45 include all states, cities, educational institutions, public schools, and all other government entities that offer OPEB and report under GASB. In this paper we will provide an overview of this declaration and see how it will affect government bodies. In addition to pensions, many state and local employers provide other post-employment benefits (OPEBs) as part of the total compensation offered to attract and retain the services of qualified employees. OPEB includes post-employment health care, as well as other forms of post-employment benefits (e.g., life insurance) when provided separately from a retirement plan…. (GASB 45) Accounting and reporting standards that address pension obligations have existed for many years. However, due to the absence of authoritative accounting and reporting standards for OPEBs, these liabilities were not reported. GASB 45 establishes standards for measuring, recognizing, and displaying OPEB expenses or expenses and related liabilities or assets, disclosure notes, and, if applicable, required supplemental information (RSI) in employers' financial reports state and local. This claim claims government benefits and...... middle of paper....... December 1st. Available at: http://www.westvirginia.com/peia/content/WV%20OPEB%20Final%20Report%202005%206-30-06%20 (corretto%20page%203).pdf.. 2005. The S&P 500 companies have significant funding for other post-employment benefits (OPEB). Retrieved, December 19. Available at: http://goliath.ecnext.com/coms2/summary0199-5047543 ITM. • Summary of statement no. 45. Retrieved November 2, 2013, from http://www.gasb.org/ st/summary/gstsm45.html• The expected impact of Government Accounting Standards Board (GASB) Standard 45. (n.d.). CMSplus. Retrieved November 3, 2013, from http://iafc.cms-plus.com/files/GASB45Qa3.pdf• ​​Yusuf, J., and Musumec, T. (2012). MODIFICATION AND/OR FINANCING OF OPEB PROMISES: A TYPOLOGY OF LOCAL GOVERNMENT RESPONSES TO GASB 45 AND THE REALIZATION OF OPEB LIABILITIES. Journal of public budgeting, accounting and financial management, 24(3), 369-396.