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GASB 65 - Items Previously Reported as Assets and Liabilities

Increase your knowledge base with lessons on GASB 65 new classification of items previously reported as assets and liabilities.

First year accounting students are taught that assets equal liabilities plus equity. GASB 65 and its related pronouncements make this equation obsolete for state and local government financial statements. Understand these new classifications of items that were previously reported as assets and liabilities. This topic will help you to conceptually understand deferred outflows and inflows of resources and help you to better understand their impact on governmental financial statements.

Runtime: 61 minutes
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Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Understanding Deferred Outflows and Inflows of Resources

Display of Deferred Outflows and Inflows of Resources on the Statement of Net Position

Changes to Accounting for Assets and Liabilities Under GASB 65

  • Refundings of Debt
  • Debt Issuance Costs
  • Leases
  • Sales of Future Revenues
  • Nonexchange Transactions
  • Insurance Activities - Acquisition Costs
  • Lending Activities
  • Mortgage Banking Activities
  • Regulated Operations
  • Revenue Recognition in Governmental Funds
  • Use of Term Deferred
  • Major Fund Criteria
  • Other Items That May Give Rise to Deferred Inflows and Outflows of Resources
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on June 28, 2018.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Warren Ruppel, CPA

Warren Ruppel, CPA

Marks Paneth LLP

  • Partner in the nonprofit and government services group at Marks Paneth LLP, a mid-sized accounting firm based in New York, and practice leader for government services
  • Formerly the assistant comptroller of accounting for the city of New York, with overall responsibility for the city’s accounting and financial reporting, including its implementation of GASB 34
  • Earlier in his career with KPMG and Deloitte & Touche, served numerous government audit clients
  • Written several books, including Wiley’s GAAP for Governments and Government Accounting Made Easy
  • Member of the Accounting and Auditing Committee of the New York State Government Finance Officers Association
  • Member of the AICPA’s Technical Issues Committee’s subgroup for governmental accounting matters
  • Member of the Special Review Committee of the national Government Finance Officers Association
  • Appears quarterly as the government specialist on the CPA Report distributed by SmartPros
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Product ID: 404182
Published 2018
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