GASB 45 & 43, 74 & 75 Accounting Standards

GASB 45 and 43 Accounting Standards

GASB 43 and 45 are some of the most important accounting standards ever issued that will impact government and municipal employers. Understanding, valuing and correctly accounting for benefits provided to retired employees will be challenging and complex, though critical to avoid the potentially disastrous consequences of failing to do so.

Credit rating agencies have already mentioned that particular attention will be paid to mismatches between liabilities and assets. At a period of time when many local governments are already struggling to maintain their ratings, it is crucial to be able to determine just how GASB 43 and 45 impact their financial statements and how to properly calculate OPEB costs.

GASB 45 and GASB 43 Compliance

Jefferson Solutions, Inc. can fully assist you in becoming GASB 43/45 compliant. Browse through our website to learn more about us and about GASB 43 & 45. Whenever you’re ready, send us a message or request a quote to get started.

The Importance of GASB 74 Compliance

GASB 74 Accounting Standards

GASB 74 is an accounting standard relating to postemployment benefits other than pensions (OPEB). This standard works with the goal of improving the effectiveness of existing standards of accounting and reporting for all postemployment benefits. GASB 74 will replace the current GASB 43 statement.

GASB 74 Compliance

Credit rating agencies have already mentioned that particular attention will be paid to mismatches between liabilities and assets. At a period of time when many local governments are already struggling to maintain their ratings, it is crucial to be able to determine just how GASB 74 will impact their financial statements and how to properly calculate OPEB costs.

Jefferson Solutions, Inc. can fully assist you in becoming GASB 74/75 compliant. Browse through our website to learn more about us and about GASB 74 and 75. Whenever you’re ready, send us a message or request a quote to get started.

GASB 74

GASB 74 is an accounting standard relating to postemployment benefits other than pensions (OPEB). This standard works with the goal of improving the effectiveness of existing standards of accounting and reporting for all postemployment benefits. GASB 74 will replace the current GASB 43 statement.

The Importance of GASB 75 Compliance:

GASB 75 Accounting Standards

GASB 75 is an accounting standard relating to accounting and financial reporting for postemployment benefits other than pensions. This new standard works with the goal of improving the effectiveness of existing standards of accounting and reporting for all postemployment benefits, focusing on governments with employees receiving OPEB, as well as non-employer governments with the obligation of providing  financial support for OPEB employees.

 

GASB 75 Compliance

Credit rating agencies have already mentioned that particular attention will be paid to mismatches between liabilities and assets. At a period of time when many local governments are already struggling to maintain their ratings, it is crucial to be able to determine just how GASB 75 will impact their financial statements and how to properly calculate OPEB costs.

Jefferson Solutions, Inc. can fully assist you in becoming GASB 74/75 compliant. Browse through our website to learn more about us and about GASB 74 and 75. Whenever you’re ready, send us a message or request a quote to get started.