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.
Publication Date: June 2022
Designed For
Preparers of state and local government annual financial reports.
Topics Covered
- Yes! There is more to life in 2022 other than GASB-87 Leases!
- Federal Grant GAAP Refresher due to CARES Act and ARPA
- Looking Into GAAP for FYE June 30, 2023
- Where is the GASB's Financial Reporting Model Improvements Project?
- A Sneak Peak at Your New Auditor's Report
- What Are Key Audit Matters?
- 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
- Identify which GASB relates to the accounting for interest cost during the period of construction
- Identify a characteristic of a voluntary nonexchange
- Recognize how many parties are involved for conduit debt
- Identify an arrangement in which a government contracts with an operator to provide public services by conveying control of the right to operate or use a nonfinancial asset or other capital asset for a period of time in an exchange or exchange-like transaction
- Identify an example of a DWaaS for purposes of GASB 96
- Recognize a new component in the new unmodified auditor's report
Level
Update
Instructional Method
Self-Study
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
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.