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GASB 34: Financial Reporting Requirements for State and Local Governments

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.

Runtime: 90 minutes
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Why Lorman?

Over 33 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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Why Lorman?

Over 33 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 revised on March 6, 2020.

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: https://www.nasbaregistry.org/cpas/complaints. 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 33 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

  • Currently, partner in the nonprofit, Government and Healthcare Group of Marks Paneth LLP, a Top 100 accounting firm based in New York
  • 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
  • Formerly the assistant comptroller of accounting for the city of New York, with overall responsibility for the city’s accounting and financial reporting
  • Earlier in career with KPMG and Deloitte & Touche, serving numerous public sector not-for-profit and government audit clients
  • Former board member and chair of the audit committee of the New York State Society of CPA’s
  • Appears quarterly as the government specialist on the CPA report distributed by SmartPros
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Why Lorman?

Over 33 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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Product ID: 407639
Published 2020
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