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GASB 34: Financial Reporting Requirements for State and Local Governments

OnDemand Webinar (87 minutes)

Gain new insights with a comprehensive overview of government financial reporting from beginning to end.Recent financial difficulties of state and local government finances, highlighted by some noteworthy bankruptcy filings, have prompted increased attention on governmental financial statements. The financial statements of these governments and governmental entities can be very confusing, even for the experienced accountant. This topic will explain the overall financial reporting model used by governments under GASB 34 and help you understand the types of information that can be gleaned from the financial statements and what that information means. The topic will also discuss some very important accounting areas (such as pensions) and how those accounting areas are reflected in governmental financial statements.

Authors

Warren Ruppel, CPA, Marks Paneth LLP

Agenda

Brief History and Overview of GASB 34

Understanding the Difference Between a Measurement Focus and Basis of Accounting

• Accrual Basis/Economic Resources

• Modified Accrued Basis/Current Financial Resources

- Potential GASB Changes to This Basis/Measurement Focus

Differences Between GAAP Financial Statements and a CAFR

Basic Components of GAAP Financial Statements

• Management's Discussion and Analysis

• Government-Wide Financial Statements

• Fund Financial Statements

• Notes to the Financial Statements

• Supplemental Information

Discussion of Some Important Accounting Areas

• Deferred Inflows and Outflows of Resources

• Capital Assets

• Pension Costs and Liabilities

• OPEB Costs and Liabilities

• Interest Rate Swaps

New Accounting Rules on the Horizon

Additional Formats

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