Net assets held in trust for OPEB must include a reference to the funding progress. True or False?

Net assets held in trust for Other Post-Employment Benefits (OPEB) should reflect the funding progress, but it is not mandatory to make a specific reference to this funding progress in the financial statements. The reporting standards emphasize transparency and provide information on the funded status of OPEB plans. However, they do not stipulate a requirement to include a direct reference to funding progress within the net assets held in trust themselves.

In practice, organizations may choose to disclose funding progress in supplemental information or notes to the financial statements, but this does not mean that it must be explicitly referenced within the net asset figure. As a result, the statement is considered false since it erroneously suggests that such a reference is required as part of the net asset reporting. This distinction is important for accurate financial reporting and adherence to applicable accounting standards.