Overview of GASB Statements 73, 74, and 75

In June 2015, the Government Accounting Standards Board (GASB) released new accounting standards for public sector postretirement benefit programs and the employers that sponsor them. GASB Statement 73 is for accounting and financial reporting for pensions not within the scope of GASB Statement 68 and will apply for employer fiscal years beginning after June 15, 2016. GASB Statements 74 and 75 reflect a fundamental overhaul in the standards for accounting and financial reporting for postemployment benefits other than pensions. GASB 74 is effective for plan fiscal years beginning after June 15, 2016, and GASB 75 is effective for employer fiscal years beginning after June 15, 2017.