The Government Accounting Standards Board (GASB) adopted two statements regarding OPEB-related financial reporting by state and local governments. GASB Statement No. 74, Financial Reporting for Postemployment Benefits Other Than Pension Plans
, replaces the current GASB 43 and addresses reporting by OPEB plans that administer benefits on behalf of governments. GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions
, replaces the current GASB 45 and addresses reporting by governments that provide OPEB to their employees and for governments that finance OPEB for employees of other governments. These statements represent a significant change to the methods used to account for postemployment OPEBs.