Governmental Accounting and Auditing Update: GAAP Quick Hits

Author: Eric S. Berman

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