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?