Master GASB 34. Receive an update of GASB-related pronouncements, exposure drafts, and future agenda items. 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. Review concepts from a California City's Comprehensive Annual Financial Report, including basic financial statement formats, reconciliation of government-wide financial statements to the fund's financial statements, note disclosures and infrastructure capital assets. Study the new GASB Pension and OPEB Standards in exercises using actuarial accounting valuations and the resulting note disclosures.
Learning 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 new Pension and OPEBStandards including GASB Statement Nos. 68 and No. 75.
- Identify the components of a City's Comprehensive Annual Financial Report.
Major Topics
- 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. (16th Annual)
- New GASB Standards up to GASB 95 with emphasis to GASB 84, Fiduciary Activities, and GASB 87, Leases.
- Review the latest white paper from the California Committee of Municipal Accounting (CCMA) on GASB 84, Fiduciary Activities.
