What is a GASB 75 report?
Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions. (Issued 06/15) The primary objective of this Statement is to improve accounting and financial reporting by state and local governments for postemployment benefits other than pensions (other postemployment benefits or OPEB).
What is covered payroll GASB 75?
Whereas Statement 73 defines covered-employee payroll as the payroll of employees that are provided with pensions through the pension plan, Statements 74 and 75 define covered-employee payroll as the payroll of employees that are provided with OPEB through the OPEB plan.
When was GASB 75 effective?
June 15, 2017
Statement 75 is effective for fiscal years beginning after June 15, 2017. The need for implementation guidance is indicated by the complexity of the OPEB standards, generally. Accounting and Financial Reporting Issues: Statements 74 and 75 were approved in June 2015.
What are GASB concept statements?
This Concepts Statement is one of a series that the GASB has issued or will issue. Concepts Statements are intended to provide a conceptual framework of interrelated objectives and fundamental principles that can be used as a basis for establishing consistent accounting and financial reporting standards.
What is the purpose of GASB 75?
The primary objective of this GASB 75 is to improve accounting and financial reporting by state and local governments for post-employment benefits other than pensions (other postemployment benefits or OPEB).
What is the difference between GASB 74 and 75?
GASB 74 is for OPEB plans and is effective for plan fiscal years beginning after June 15, 2016. GASB 75 is for employers that sponsor OPEB plans and is effective for employer fiscal years beginning after June 15, 2017.
How many GASB concept statements are there?
Proposed GASB Concepts Statement Defines the Seven Elements of Governmental Financial Statements.
What is OPEB obligation?
What is OPEB? Other Postemployment Benefits (or OPEB) are benefits (other than pensions) that U.S. state and local governments provide to their retired employees. These benefits principally involve health care benefits, but also may include life insurance, disability, legal and other services.
How does Interperiod equity relate to accountability?
It is important to note that for financial reporting purposes, interperiod equity is a relevant metric to assess accountability rather than a goal that is expected to be met in any specific reporting period. Of course, whether interperiod equity is achieved is a policy decision of the government.
Which of the following is GASB’s concept statement No 4’s definition of assets?
The elements of a statement of financial position are defined as follows: Assets are resources with present service capacity that the government presently controls. Liabilities are present obligations to sacrifice resources that the government has little or no discretion to avoid.
When did GASB Statement No.74 become effective?
GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pensions was issued in June 2015 and amended GASB Statement No. 43. It became effective for plan financial statements for fiscal years beginning after June 15, 2016.
How is cost sharing recognized in governmental fund financial statements?
In governmental fund financial statements, the cost-sharing employer’s proportionate share of the collective net OPEB liability is required to be recognized to the extent the liability is normally expected to be liquidated with expendable available financial resources.
What should be included in a defined benefit OPEB?
For defined benefit OPEB, this Statement identifies the methods and assumptions that are required to be used to project benefit payments, discount projected benefit payments to their actuarial present value, and attribute that present value to periods of employee service.
What should be included in a single and agent statement?
This Statement requires that notes to financial statements of single and agent employers include descriptive information, such as the types of benefits provided and the number and classes of employees covered by the benefit terms. Single and agent employers also are required to disclose information that includes the following, as applicable: