GASB Basic Financial Statements For State And Local Governments

Description

The impact of GASB Statement No. 34, Basic Financial Statements—and Management's Discussion and Analysis—for State and Local Governments continues to reverberate in California. Build an understanding of GASB 34 and receive an update of GASB-related pronouncements, exposure drafts, and future agenda items. Review concepts from a City's Comprehensive Annual Financial Report, such as basic financial statement formats, reconciliation of government-wide financial statements to the fund's financial statements and note disclosures and infrastructure capital assets. Also, review GASB's Preliminary Views on Financial Reporting Model Improvements (September 2018) and my written response.

In addition, study the new GASB Pension and OPEB  Standards in an exercise using actuarial accounting valuations and the resulting note disclosures.

Highlights

• GASB 63 and 65, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position and Items Previously Reported as Assets and Liabilities
• COSO for Smaller Entities and Governments
• GASB 34
• Survey of California Cities and Counties
• GASB Pension and OPEB Standards including the "Implicit Rate Subsidy"
• Review GASB Statement No. 87, Leases, including implementation guidance

Objectives

• Identify basic GASB; financial statements.
• Determine key technical elements, as well as analytical and statistical metrics.
• Recognize accounting, financial reporting and disclosure issues.
• Identify GASB pronouncements, exposure drafts and future agenda items.
• Determine internal controls for government and audit risk assessments using a risk-based audit approach with the COSO framework.
• Identify and review the Pension and OPEB  Standards including GASB Statements Nos. 67, 68, 71, 73, 74, 75, and 85.
• Identify component units by reviewing "The Financial Reporting Entity" including GASB Statements Nos. 14, 34, 39, 61, 80, and 90.

Designed For

CPAs responsible for financial reporting and auditing that serve government entities, including cities, counties, school districts and special districts. Government officials responsible for the financial statements.