What are GASB 74 accounting standards?
GASB 74 is one 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.
Is GASB 74 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 74 will impact their financial statements and how to properly calculate OPEB costs.
Jefferson Solutions, Inc. can fully assist you in becoming GASB 74/45 compliant. Browse through our website to learn more about us and about GASB 74 and 45. Whenever you’re ready, send us a message or request a quote to get started.