Governmental Accounting and Auditing Update: GAAP Quick Hits (Completed)

Date: Wednesday, June 29, 2022
Instructor: Eric S. Berman
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  2 hours for CPAs

States and Local Governments that have a fiscal year end of June 30, 2022 will have many GAAP issues to consider, in addition to GASB-87, Leases. Hear some of the other standards and issues that may impact your annual financial report including GASB-98, GAAP accounting for federal grants and a preview of implementations next year beyond leases. Finally, you’ll see a sneak preview of the new auditors report.

Who Should Attend
Preparers of state and local government annual financial reports

Topics Covered

  • Understand other GASB statements that may need to be addressed for June 30, 2022 (or other 2022-year ends)
  • Refresh knowledge on federal grant accounting in accordance with GAAP for:
    • CARES Act
    • ARPA funds
  • Look forward to GASB implementations in 2022 and 2023 to plan now, other than the standards that utilize the GASB-87 Lease framework
  • The latest on the Financial Reporting Model Improvements project
  • See a sneak preview of the new auditor's report
  • Understand what the optional reporting on key audit matters entails

Learning Objectives

  • Recognize the most important GASB implementations for June 30, 2022
  • Identify federal grant accounting and reporting in accordance with GAAP
  • Recognize how to have a plan for success for this fiscal year's audit

Level
Update

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (Governmental) (1 hour), Auditing (Governmental) (1 hour)

Program Prerequisites
Basic Knowledge of GAAP for state and local governments.

Advance Preparation
None

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