This course reviews accounting standards issued by the Government Accounting Standards Board (GASB) that will be effective this year as well as those that will be effective in the near future. In addition to reviewing the standards,we will also focus on implementation strategies and challenges. Finally, we will turn our attention to the future by discussing GASB’s current projects and exposure drafts.
Publication Date: July 2022
Designed For
Practitioners and members in industry responsible for accounting and financial reporting for governmental entities.
Topics Covered
- GASB Current Year Effective
- GASB 89
- GASB 91
- GASB 92
- GASB 93
- Background
- Response
- GASB 97
- GASB 98
- GASB 87: Leases
- Lessee Accounting
- Lessor Accounting
- Transition
- Down the Pike
- GASB 94, PPP
- Case Study
- GASB 96, SBITA
- GASB Proposals
- Revenue & Expense Recognition
- Conceptual Framework - Recognition
- Financial Reporting Model
- Compensated Absences
- Accounting Changes
- Omnibus
- Disclosures
Learning Objectives
- Describe the impact of newly issued and recently effective standards on governmental accounting
- Identify proposed changes that may occur in the future
- Recognize lease terms under various lease proposals
- Recognize what is included in the calculation of lease liability
- Identify approved benchmark rates
- Describe what GASB 92 requires when acquiring governments measure ARO liabilities
- Identify the scope of GASB 87
- Recognize the maximum possible term for when GASB defines a short-term lease as a lease at commencement
- Identify what is included in a lease asset
- Recognize what should be recognized by a lessor at the lease inception date
- Describe what the criteria that is met is called for a PPP arrangement between a transferor and an operator
- Identify requirements to treat a PPP arrangement as a lease
- Recognize which state is included in the subscription asset
- Recognize which type of information should be included within the notes to the financial statements
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (Governmental) (5 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Melisa Galasso
Melisa Galasso, CPA, is the founder of Galasso Learning Solutions LLC. With over 15 years of experience in the accounting profession, Melisa designs and facilitates courses in advanced technical accounting and auditing topics, including not for profit and governmental accounting. She also supports essential professional development, public speaking, and business skills. Melisa closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.
Melisa earned the Association for Talent Development (ATD) Master Trainer™ designation. She is a member of and frequent instructor for the American Institute of Certified Public Accountants (AICPA), the North Carolina Association of Certified Public Accountants (NCACPA), and the Virginia Society of Certified Public Accountants (VSCPA).
Melisa was appointed in 2016 to the AICPA’s Technical Issues Committee (TIC), which is responsible for monitoring the activities of the various accounting and attestation standard-setting boards and submitting comments and recommendations during the due process phase. Melisa is also currently serving on the Board of Directors for the VSCPA. Previously, she served as President of the Board of NCACPA’s Charlotte Chapter, Chair of the A&A Committee for the NCACPA, and held several leadership positions with the VSCPA.
Melisa received the 2013 Women to Watch – Emerging Leader Award from the NCACPA and AICPA. She is a graduate of the 2014 class of the AICPA’s Leadership Academy. In 2016, Melisa was honored as one of the 50 Most Influential Women by the Mecklenburg Times and received the Top 5 Under 35 Award from the VSCPA. She received a 5.0 Speaker award from the NCACPA in 2015, 2016 and 2017. In 2016, Melisa received the Don Farmer Award from the NCACPA for the highest combined average scores on knowledge, skills, and materials from participant evaluations for all courses taught in a technical area. Melisa is a 2017 and 2018 recipient of the AICPA’s Outstanding Discussion Leader award which is given to the top 10% of all AICPA facilitators around the country.
Prior to establishing Galasso Learning Solutions, Melisa worked in public accounting, industry, internal audit, and academia. She received a Bachelor of Science in Business Administration with a concentration in Accounting and International Business from Georgetown University.