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What Is GASB 74 and 75? ( A) <br /> ➢ Governmental Accounting Standards Board Statement No. 74 (GASB <br /> 74) Financial reporting for OPEB p. lans (a.k.a. the Irrevocable Trust). <br /> ➢ We need 6/30 Trust information and employer amounts paid outside the <br /> Trust annually. <br /> ➢ Some plans may need a blended discount rate developed. We call this the <br /> Single Equivalent Interest Rate or SEIR. <br /> ➢ Effective starting with fiscal years after June 15, 2016. <br /> ➢ GASB 75: Accounting and financial reporting for employers who have <br /> OPEB plans. <br /> ➢ Effective starting with fiscal years after June 15, 2017. <br /> ➢ Orange County receives a combined report meaning the GASB 74 and <br /> GASB 75 information uses the same measurement date. <br />