GASB Publishes New Standards: GASB 73 – 76 | UWorld Roger CPA Review


The Government Accounting Standards Board (GASB) recently released four pronouncements, GASB 73 through 76. GASB 73, 74 and 75 relate to pensions and postemployment benefits.

  •  GASB 73 establishes requirements for pension plans that are not administered through a trust
  •  GASB 74 expands the disclosure requirements for certain postemployment benefit plans
  •  GASB 75 requires the recognition of a liability for obligations incurred under postemployment benefit plans

GASB 76 modifies the hierarchy of authoritative standards for accounting and reporting on governmental entities. It establishes 2 tiers of standards:

Tier 1 – GASB statements

Tier 2 – GASB technical bulletins and implementation guides and AICPA guidance that has been cleared by the GASB.

For more information on these and other recently released pronouncements, please visit the Government Accounting Standards Board Website.

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