GASB Statement No. 73, Accounting and Financial Reporting for Pensions and Related Assets That Are Not Within the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB Statements 67 and 68, generally aligns the reporting requirements for pensions and pension plans not covered in GASB Statements 67 and 68 with the reporting requirements in Statement 68. It is effective for fiscal years beginning after June 15, 2015, with the exception of the “provisions that address employers and governmental nonemployer contributing entities for pensions that are not within the scope of Statement 68, which are effective for financial statements for fiscal years beginning after June 15, 2016.”
GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, addresses “reporting by OPEB plans that administer benefits on behalf of governments.” It is effective for financial statements for fiscal years beginning after June 15, 2016.
GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, provides guidance on “reporting by governments that provide OPEB to their employees and for governments that finance OPEB for employees of other governments.” It is effective for fiscal years beginning after June 15, 2017.
GASB Statement No. 76, The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments, eliminates two of the four categories of authoritative GAAP that exist under the existing hierarchy prescribed by Statement 55. The two categories that will remain under the new standard are (1) GASB Statements and (2) GASB technical bulletins and implementation guides in addition to AICPA guidance that the GASB clears. It is effective for reporting periods beginning after June 15, 2015.