Webinar Recording: GASB S-75 for School Districts

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What is GASB Statement No. 75?

Below is an overview of GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions:

  • Issued in June 2015
  • Effective for fiscal years ending June 30, 2018 and thereafter
  • Applies to employers that provide OPEB (Other Post Employment Benefits)
  • Also applies to non-employer contributing entities
  • Financial statement focus shifts from over/underfunding of the ARC to expensing the cost of the benefits as they are earned by the employees
  • Total/net OPEB liability recorded on employers’ F/S (accrual basis financial statements)
    • Replaces NOPEBO/NOPEBA

Watch Our Webinar

Our Sikich experts delve into GASB Statement No. 75 and outline a few things for school districts to consider when implementing it, including:

  • Is there something to report or disclose?
  • Where to find the necessary information.
  • What does this mean for the future?
  • How does it affect your bond rating?

This publication contains general information only and Sikich is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or any other professional advice or services. This publication is not a substitute for such professional advice or services, nor should you use it as a basis for any decision, action or omission that may affect you or your business. Before making any decision, taking any action or omitting an action that may affect you or your business, you should consult a qualified professional advisor. You acknowledge that Sikich shall not be responsible for any loss sustained by you or any person who relies on this publication.

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