GASB 73, 74, and 75 Statement Overview
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Get up-to-date on the latest GASB Standards.Governments commonly offer retiree health care and other benefits to their employees, usually referred to as OPEB benefits. This promise of future benefits often creates a significant liability to governments that is now recognized on their financial statements under new GASB standards. This topic will help financial statement preparers, users and auditors understand the basic requirements of these new accounting standards. It will also help you understand some important modifications to the pension plan reporting standards to help them conform with the OPEB accounting and reporting. Understanding OPEB benefit accounting is essential to evaluate the financial condition of governments that offer these benefits, and this topic will offer the tools to help make such evaluation.
AuthorsWarren Ruppel, CPA, Marks Paneth LLP
Understanding the Requirements of GASB 73
• Why Did GASB 68 Need to Be Amended by GASB 73?
• Impact on Governmental Employer Financial Statements
Financial Reporting for OPEB Plans
• Conceptual Framework for OPEB Plan Accounting
• Understanding When a Trust is Used for OPEB Benefit Resources
• Familiarization With What the Various Disclosures Actually Mean
Financial Reporting for Governmental Employers That Offer OPEB Benefits
• Understanding the Difference Between OPEB Plan Accounting and Employer Accounting
• How GASB 75 Differs From Previous Practice
• Impacts on Governmental Financial Statements, Including Note Disclosures