U.S. state and local governments will have to report billions of dollars in health-care liabilities on their balance sheets under an accounting change aimed at improving disclosure of retiree benefits.This great news is the result of years of grinding out the issue.
As a result of rules approved Tuesday by the Governmental Accounting Standards Board, municipalities and states will have to record the cost of health insurance and other benefits besides pensions in financial statements, the board said in a statement. Such costs are currently disclosed only in footnotes. (Darrell Preston, BloombergBusiness, June 2, 2015)
Read the entire entry at NCPA's Health Policy Blog.