Everyone is well aware, or should be, that the cost of retiring is escalating almost by the minute. There are financial advisors and estate planners who solely focus on enabling us to have a shot at a decent retirement, relatively free of financial concern. Employers in both the public and private sectors are recognizing mammoth liabilities for the pension resources they are holding in trust for their employees. But, are employees all that are going to retire from a state or local government? Is that the only long-term cost that a governmental entity is going to be liable for (above and beyond normal indebtedness)? The answer is obviously no or I would not be writing this post. In November 2016, the Governmental Accounting Standards Board (GASB) issued GASB Statement No. 83, Certain Asset Retirement Obligations that provides guidance on the valuation and reporting of legally enforceable liabilities that a governmental entity may have related to the future retirement of a significant capital asset. Up until this point, the only similar type of guidance that has been issued by the GASB is GASB Statement No. 18, Accounting for Municipal Solid Waste Landfill Closure and Postclosure Care Costs. That statement requires governmental
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