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

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