What are 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 74 statement.
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 74/75 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.