Governmental Accounting Standards Board Statement No. 43 This accounting standard applies to many state and local governmental employers that provide other postemployment benefits (OPEB) to employees as part of total compensation. Retiree healthcare benefits often comprise a significant portion of OPEB. GASB 43 addresses financial statement and disclosure requirements for administrators and sponsors of OPEB plans. Governmental Accounting Standards Board Statement No. 45 This accounting guideline establishes standards for the measurement, recognition and disclosure of expenses and expenditures of other postemployment benefits (OPEB) and related liabilities. By definition, OPEB obligations exclude pensions. Issued in June, 2004, GASB 45 is generally regarded as the equivalent of FAS 106 for state and local governments. It is phased in over time. The largest state and local governments, those with annual revenues exceeding $100 million, were required to implement changes beginning with the first fiscal year after December 15, 2006. Governments with total annual revenues of $10 million or more but less than $100 million had until December 15, 2007 and governments with total annual revenues under $10 million were required to make the changes starting in the first fiscal period beginning after December 15, 2008. The adherence to GASB 45 marks the first time that many state and local governments calculated and disclosed the magnitude of their retiree health benefit liabilities. The mere reporting of the obligation does not immediately impact a government's financial strength or solvency but it may have a direct impact on the cost of borrowing as evidenced in municipal bonds ratings. Furthermore, it may stimulate a change in public policy towards these benefits for government workers and ultimately may lead to tax hikes or other measures.