Posts Tagged ‘GASB 74’

5 people standing in front of mountain views holding their hands up

So, it’s time for another OPEB valuation under GASB 75 and the actuary is asking for the “covered employee payroll” for the fiscal year or measurement period. While OPEB benefits are rarely impacted by compensation or covered employee payroll, such a figure is a required disclosure item under GASB 75 and hence that’s why you’re…

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OPEB, GASB 74 & GASB 75

GASB 74 is required for plan level financial reporting while GASB 75 is required for employer or plan sponsor level financial reporting  for municipal entities subject to GASB reporting that offer OPEB (medical, dental & life insurance for former employees & retirees) type benefits. GASB 74 – key issues to consider Are you prefunding your OPEB benefits…

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You’ve read our whitepapers (and more to come), but this chart is meant to put the key elements in one place for you to see With the voluminous GASB pronouncements on the new OPEB accounting standards, it’s easy to get confused and wonder what is really changing.  While we’ve produced several whitepapers on the topic…

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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…

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