What are 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.
Is GASB 75 compliance important?
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.