The Governmental Accounting Standards Board has a busy due process calendar as calendar year 2024 closes. This includes two important Preliminary Views documents relating to infrastructure assets and whether a government is a going concern or under severe financial stress. The GASB also has exposure drafts available for an important implementation guide update and changes to subsequent events reporting. Hear about these important proposals and how to present your views to the GASB.
Publication Date: November 2024
Designed For
Basic governmental accounting
Topics Covered
- Going Concern Uncertainties and Severe Financial Stress (Preliminary Views)
- Implementation Guide Update (Exposure Draft)
- Subsequent Events (Exposure Draft)
- Revenue and Expense Recognition (Exposure Draft)
Learning Objectives
- Explain the proposed clarifications within the GASB’s Implementation Guide Update and Subsequent Events exposure drafts
- Explain GASB’s preliminary views on potential changes to infrastructure reporting and their views on recognizing when a government may have an issue of going concern or is under severe financial stress
- Explain how you can provide vital feedback to the GASB on these due process documents
- Identify how many new questions and answers are included in the Implementation Guide Update 2025 – Exposure Draft
- Identify the due date for comments on the subsequent events exposure draft
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Auditing (Governmental) (2 hours)
Program Prerequisites
Basic governmental accounting
Advance Preparation
None
Instructor
Eric S. Berman
Eric S. Berman, MSA, CPA, CGMA, has over 30 years of governmental accounting and auditing experience. Until he retires from the firm on April 30, 2025, he serves as a Government Advisory Services Partner with Eide Bailly LLP. Before Eide Bailly LLP, he was a quality control principal with a public accounting firm in California.
Eric is the author of the Governmental Library for preparers for CCH. The Government Library also offers in-depth, interpretive guidance. In addition to the Governmental GAAP Guide, users can access CCH’s Governmental GAAP Practice and Disclosures Manual and the Governmental GAAP Update Service.
Eric’s public-sector experience includes being a Deputy Comptroller for the Commonwealth of Massachusetts from 1999 to 2010, and the Chief Financial Officer of the Massachusetts Water Pollution Abatement Trust from 1994 to 1999. Eric is a licensed CPA in Massachusetts. He obtained an M.S. in Accountancy from Bentley University. Eric currently serves on the Association of Government Accountants (AGA)’s Financial Management Standards Board (FMSB). Eric is also a past National Treasurer of AGA, serving from July 1, 2022, to June 30, 2023. He also recently co-chaired AGA’s leadership development committee and served on the finance and budget committee. Eric previously represented the AGA as the Vice Chairman of the Government Accounting Standards Advisory Council to the GASB. He also chaired the AGA’s Audit Committee and previously, the FMSB. He was also a previous chair of the American Institute of Certified Public Accountants (AICPA’s) Governmental Performance and Accountability Committee and is a former member of the AICPA’s State and Local Government Expert Panel. Eric was a member of the GASB’s task force reexamining the state and local governmental financial reporting model and has served on previous GASB task forces and working groups assisting in developing and implementing standards.
Eric is also a past member of the California Society of CPAs' Governmental Accounting and Auditing Committee and is past chair of the same committee for the Massachusetts Society of CPAs. He was also the founder and treasurer of a not-for-profit performing arts organization in Pennsylvania. Eric is frequently called upon to consult and train state and local governments throughout the country on governmental accounting and auditing. Eric shuttles between Massachusetts and Washington, DC.
Eric is also a past member of the California Society of CPAs’ Governmental Accounting and Auditing Committee and is past chair of the same committee for the Massachusetts Society of CPAs. He was also the founder and treasurer of a not-for-profit performing arts organization in Pennsylvania. Eric is frequently called upon to consult and train state and local governments throughout the country on governmental accounting and auditing.