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. In addition, this publication may contain certain content generated by an artificial intelligence (AI) language model. 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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Sikich LLP

Sikich LLP

Sikich LLP is a global company specializing in technology-enabled professional services. With more than 1,900 employees, Sikich draws on a diverse portfolio of technology solutions to deliver transformative digital strategies and ranks as one of the largest CPA firms in the United States. From corporations and not-for-profits to state and local governments and federal agencies, Sikich clients utilize a broad spectrum of services* and products to help them improve performance and achieve long-term, strategic goals. *Securities offered through Sikich Corporate Finance LLC, member FINRA/SIPC. Investment advisory services offered through Sikich Financial, an SEC Registered Investment Advisor. 

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