Risk Reporting at State and Local Governments
Date: Friday, July 24, 2026
Instructor: Eric S. Berman
| Begin Time: |
11:00am Pacific Time
12:00pm Mountain Time
1:00pm Central Time
2:00pm Eastern Time |
| CPE Credit: |
2 hours for CPAs |
|
Financial risks facing state and local governments are increasing in complexity, visibility, and regulatory scrutiny. This online course provides governmental accounting and auditing professionals with a timely overview of emerging risk‑reporting considerations, including the Governmental Accounting Standards Board’s (GASB) ongoing project related to Severe Financial Stress (SFS) and Probable Dissolution (PD) disclosures.
Participants will examine the current status of the GASB project, understand why the Exposure Draft has been delayed, and explore how SFS and PD are evaluated and potentially disclosed. The session also broadens the discussion to other financial, operational, and governance risks commonly disclosed in annual financial reports. Designed as an overview‑level program, this course equips professionals with the context and practical insight needed to evaluate risk disclosures and anticipate future GASB reporting requirements.
Who Should Attend
This course is designed for governmental accountants, auditors, finance officers, controllers, and accounting managers who prepare, review, or audit state and local government financial statements.
Topics Covered
- GASB’s Severe Financial Stress (SFS) and Probable Dissolution (PD) project status
- Relationship between SFS and PD
- Indicators and considerations for assessing Severe Financial Stress
- Potential disclosure requirements associated with SFS and PD
- Other risk disclosures in state and local government annual financial reports
Learning Objectives
- Describe the current status and direction of the GASB project addressing Severe Financial Stress (SFS) and Probable Dissolution (PD) disclosures
- Explain the relationship between Severe Financial Stress and Probable Dissolution within the frame work of governmental accounting and financial reporting
- Identify qualitative and quantitative indicators that may be considered when assessing Severe Financial Stress
- Determine the types of disclosures that may be required if Severe Financial Stress or Probable Dissolution conditions are present
- Recognize other financial, operational, and governance risks commonly disclosed by state and local governments in annual financial reports
Level
Overview
Instructional Method
Group: Internet-based
NASBA Field of Study
Accounting (Governmental) (2 hours)
Program Prerequisites
None
Advance Preparation
None
