GASB stands for Governmental Accounting Standards Board. This organization was created to establish and improve accounting standards for state and local governmental entities. The goal of GASB is to promote accounting regulations that will result in useful information for users of financial reports and guide and educate the public, including issuers, auditors, and users of those financial reports. OPEB stands for Other Post-Employment Benefits. Employees of state and local governments, including public school districts, public universities and other governmental entities, may be compensated in a variety of forms in exchange for their services. In addition to a salary, many employees earn benefits over their years of employment that will not be received until after their employment ends through retirement or other reason for separation. The most common type of postemployment benefit is a pension. As the name suggests, other postemployment benefits (OPEBs) are postemployment benefits other than pensions. OPEB generally takes the form of health insurance, dental, vision, prescription drug, or other health care benefits. It can also include life insurance and other benefits.