Status of Statement No. 45

Summaries / Status

Status of Statement No. 45
Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions


Status


Issued: June 2004

Effective Date:

    The requirements of this Statement are effective in three phases based on a government's total annual revenues in the first fiscal year ending after June 15, 1999:

    • Governments that were phase 1 governments for the purpose of implementation of Statement 34—those with annual revenues of $100 million or more—are required to implement this Statement in financial statements for periods beginning after December 15, 2006.
    • Governments that were phase 2 governments for the purpose of implementation of Statement 34—those with total annual revenues of $10 million or more but less than $100 million—are required to implement this Statement in financial statements for periods beginning after December 15, 2007.
    • Governments that were phase 3 governments for the purpose of implementation of Statement 34—those with total annual revenues of less than $10 million—are required to implement this Statement in financial statements for periods beginning after December 15, 2008.

    Earlier application of this Statement is encouraged. All component units should implement the requirements of this Statement no later than the same year as their primary government.

Affects:

  • Amends NCGAI 6, ¶4 and ¶5
  • Amends GASBS 10, ¶2
  • Supersedes GASBS 12, ¶1–¶10, ¶12–¶14, and fn1–fn5
  • Amends GASBS 16, fn6 and fn7
  • Amends GASBS 27, ¶6, ¶7, and ¶39, and fn3
  • Supersedes GASBS 27, ¶24
  • Amends GASBI 6, ¶7
  • Supersedes GASBI 6, fn3

Affected by:

  • Paragraph 3 amended by GASBS 63, ¶8
  • Paragraph 8 amended by GASBS 47, ¶3 and ¶8
  • Paragraph 11 amended by GASBS 57, ¶6
  • Footnote 5 superseded by GASBS 57, ¶6
  • Paragraph 12 amended by GASBS 57, ¶8
  • Footnote 6 amended by GASBS 63, ¶8
  • Paragraph 18 amended by GASBS 63, ¶8
  • Paragraph 40 amended by GASBS 47, ¶3, and GASBS 57, ¶3 

Other Interpretive Literature:

  • GASBTB 2004-2 (Provides guidance on ¶19–21 and ¶23)
  • GASBTB 2006-1 (Provides guidance on ¶22)
  • GASBTB 2008-1 (Provides guidance on ¶15 and ¶16)
  • GASBQ&A 43/45
  • GASB Comprehensive Implementation Guide

Primary Codification Section Reference: P50
 


Abbreviations for Accounting Pronouncements

GASBS - GASB Statements
GASBCS - GASB Concepts
GASBI - GASB Interpretations
GASBTB - GASB Technical Bulletins
BFC - Basis For Conclusions
NCGAS - NCGA Statements
NCGAI - NCGA Interpretations
SOP - AICPA Statements of Position
ASLGU - AICPA Audit Guide
GASB Q&A - GASB Implementation Guides