Introducing GASB 74 & GASB 75

On June 2, 2015, Governmental Accounting Standards Board approved GASB 74 & GASB 75. These two Statements are designed to improve financial accounting and reporting relating to postemployment benefits other than pensions (OPEB).

GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. GASB 74 addresses reporting by OPEB plans that administer benefits on behalf of governments. This Statement requires more extensive note disclosures and Required Supplemental Information (RSI) [similar to GASB 67] related to the measurement of the OPEB liabilities for accumulated assets in addition to note disclosures. Statement 74 will be effective for fiscal years beginning after December 15, 2016.

GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions. GASB 75 addresses reporting by governments that provide OPEB to their employees and for governments that finance OPEB for employees of other governments. This Statement will require more extensive note disclosures and Required Supplementary Information (RSI) about their OPEB liabilities (similar to GASB 68). Statement 75 will be effective for fiscal years beginning after December 15, 2017.

The final text of the new Statements will be available in late-June. If you’d like more information in the interim, contact your Odyssey Advisors consultant.

Posted in ,

Featured Posts

Leave a Comment

You must be logged in to post a comment.