Gain new insights with a comprehensive overview of government financial reporting from beginning to end.
Recent financial difficulties of state and local government finances, highlighted by some noteworthy bankruptcy filings, have prompted increased attention on governmental financial statements. The financial statements of these governments and governmental entities can be very confusing, even for the experienced accountant. This topic will explain the overall financial reporting model used by governments under GASB 34 and help you understand the types of information that can be gleaned from the financial statements and what that information means. The topic will also discuss some very important accounting areas (such as pensions) and how those accounting areas are reflected in governmental financial statements.
Learning Objectives
- You will be able to differentiate Measurement Focuses.
- You will be able to differentiate between various Methods of Accounting.
- You will be able to differentiate between the reporting requirements for various funds.
- You will be able to identify the basic components of Government Wide Financials.
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Why Lorman?
Over 37 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
Brief History and Overview of GASB 34
Understanding the Difference Between a Measurement Focus and Basis of Accounting
- Accrual Basis/Economic Resources
- Modified Accrued Basis/Current Financial Resources
- Potential GASB Changes to This Basis/Measurement Focus
Differences Between GAAP Financial Statements and a CAFR
Basic Components of GAAP Financial Statements
- Management's Discussion and Analysis
- Government-Wide Financial Statements
- Fund Financial Statements
- Notes to the Financial Statements
- Supplemental Information
Discussion of Some Important Accounting Areas
- Deferred Inflows and Outflows of Resources
- Capital Assets
- Pension Costs and Liabilities
- OPEB Costs and Liabilities
- Interest Rate Swaps
New Accounting Rules on the Horizon
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Credit
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Why Lorman?
Over 37 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 Course
This course was last reviewed on July 25, 2023.
Call 1-866-352-9540 for further credit information.
CPE/NASBA - QAS Self Study 2.2 including Accounting (governmental) 2.2
- Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.2 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Accounting (governmental) for 2.2 hours. Prerequisite: basic knowledge of government procedures. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
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Why Lorman?
Over 37 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
Marks Paneth LLP
- Managing director with CBIZ Marks Paneth, part of a Top Ten accounting firm
- Author of CCH’s Knowledge-Based Audits of Not-for-Profit Organizations; Wiley’s Not-for-Profit Accounting Made Easy; and Not-for-Profit Audit Committee Best Practices
- Former assistant comptroller of accounting for the city of New York, with overall responsibility for the city’s accounting and financial reporting
- Served numerous public sector not-for-profit and government audit clients earlier in his career with KPMG and Deloitte & Touche
- Former board member and chair of the audit committee of the New York State Society of CPAs
- Appears quarterly as the government specialist on the CPA report distributed by SmartPros
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Why Lorman?
Over 37 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.
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