GASB Basic Financial Statements for State and Local Governments 2024

Overview

This course will cover updates on GASB-related pronouncements, exposure drafts and future agenda items. Participants will learn to master GASB 34 and study the new GASB Pension and OPEB Standards in exercises using actuarial accounting valuations and the resulting note disclosures. Concepts will be reviewed using a California City’s Annual Comprehensive Financial Report, including basic financial statement formats, reconciliation of government-wide financial statements to the fund’s financial statements, note disclosures and infrastructure capital assets.

Highlights

• Internal controls and risk assessments using a risk-based audit approach
• New Pension and OPEB Standards, including GASB Statement Nos. 68 and No. 75
• COSO for Smaller Entities and Governments
• Survey of California Cities and Counties (17th Annual)
• New GASB Standards updated with an emphasis on GASB 84, Fiduciary Activities and GASB 87, Leases
• GASB's "Big Three" Projects

Prerequisites

An understanding of governmental accounting and financial reporting.

Designed For

CPAs, governmental accountants and financial professionals.

Objectives

• Determine GASB's basic financial statements, including the components of a City's Annual Comprehensive Financial Report
• Recognize accounting, financial reporting and disclosure issues
• Identify GASB pronouncements, exposure drafts and future agenda items

Preparation

None

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by the California Education Foundation (CalCPA). Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.