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GASB 73/74/75: Timing considerations for compliance with new financial reporting rules
By Rebecca Ross
23 May 2016
GASB Statements Nos. 74 and 75 mandate changes to the way liabilities are reported on financial statements for state and local governments with OPEB obligations. These changes are designed to standardize the way OPEB expense is calculated and displayed in order to enhance disclosure and facilitate decision-making. There are several important dates to consider when calculating and reporting OPEB liability: the reporting date, actuarial valuation rate, and measurement date.
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GASB 73/74/75: Timing considerations for compliance with new financial reporting rules
Changes in GASB Statements Nos. 74 and 75 are designed to standardize the way other postemployment benefits (OPEB) expense is calculated and displayed in order to enhance disclosure and facilitate decision-making.
Rebecca Ross