The Financial Reporting Model is almost done - What is in it
Author: Eric S. Berman
| CPE Credit: |
2 hours for CPAs |
The Governmental Accounting Standards Board is nearing completion of the long-awaited project Financial Reporting Model Improvements. Learn what are likely to be the changes and how may they impact your basic financial statements.
Publication Date: November 2023
Topics Covered
- The GASB's Financial Reporting Model Project
- The GASB's Disclosure and Classification of Certain Capital Assets Exposure Draft
- Changes in the Future to Infrastructure Reporting
Learning Objectives
- Identify the changes probably coming in the GASB's Financial Reporting Model Improvements statement slated for release by spring 2024
- Describe some of the things you can do now to your basic financial statements in anticipation of those changes
- Identify the recognition approach proposed in the ITC that is also called the working capital approach
- Identify the year a Task Force was formed and an ITC released
- Identify the recognition approach that was revived primarily from GASB-11
- Identify one of the challenges with the short-term approach as proposed in the ITC
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Accounting (Governmental) (2 hours)
Program Prerequisites
Basic knowledge of governmental accounting and auditing.
Advance Preparation
None
