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GASB 65 - Items Previously Reported as Assets and Liabilities

OnDemand Webinar (60 minutes)

Increase your knowledge base with lessons on GASB 65 new classification of items previously reported as assets and liabilities.First year accounting students are taught that assets equal liabilities plus equity. GASB 65 and its related pronouncements make this equation obsolete for state and local government financial statements. Understand these new classifications of items that were previously reported as assets and liabilities. This topic will help you to conceptually understand deferred outflows and inflows of resources and help you to better understand their impact on governmental financial statements.


Warren Ruppel, CPA, Marks Paneth LLP


Understanding Deferred Outflows and Inflows of Resources

Display of Deferred Outflows and Inflows of Resources on the Statement of Net Position

Changes to Accounting for Assets and Liabilities Under GASB 65

• Refundings of Debt

• Debt Issuance Costs

• Leases

• Sales of Future Revenues

• Nonexchange Transactions

• Insurance Activities - Acquisition Costs

• Lending Activities

• Mortgage Banking Activities

• Regulated Operations

• Revenue Recognition in Governmental Funds

• Use of Term Deferred

• Major Fund Criteria

• Other Items That May Give Rise to Deferred Inflows and Outflows of Resources