OPEB Glossary

Accounting Word Cloud

Commonly used OPEB accounting terms

Accounting terms mentioned throughout our website may not be familiar to everyone and so we’ve complied a list of common terms related to FASB and GASB OPEB accounting standards.

All | A C D F H I M O P S
There are currently 3 terms in this directory beginning with the letter A.
To record on an organization's books according to when a transaction occurred rather than when the related cash payment was made; e.g. John earned $1,000 in salary during December, 2020 but was not paid such amount until 1/10/21. John's employer would consider the $1,000 as accrued in 2020 even though it was not paid until 2021.

Agent multiple-employer plan (agent plan)
An aggregation of single-employer plans, with pooled administrative and investment functions. Separate accounts are maintained for each employer so that the employer's contributions provide benefits only for the employees of that employer. A separate actuarial valuation is performed for each individual employer's plan to determine the employer's periodic contribution rate and other information for the individual plan, based on the benefit formula selected by the employer and the individual plan's proportionate share of the pooled assets. The results of the individual valuations are aggregated at the administrative level.

Annual OPEB cost
An accrual-basis measure of the periodic cost of an employer's participation in a defined benefit OPEB plan.