Thursday, February 23, 2017

Recording: GASB’s Financial Reporting Model Improvements – Governmental Funds

Start Date: 2/23/2017 2:00 PM EST
End Date: 12/31/2025 11:45 PM EST

Event Website: http://www.nasact.org/webinars

Organization Name: NASACT

Contact:
Anna Peniston
Email: apeniston@nasact.org
Phone: 8592761147

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GASB’s Financial Reporting Model Improvements – Governmental Funds
Live event date: February 23, 2017

COST 

Member Offices: $0
Other Government and Non-government Offices: $49


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OVERVIEW

Has it really been over 17 years since GASB 34 was issued? It’s hard to believe, but true! GASB is again turning its attention to the government reporting model with the release of an invitation to comment document entitled Financial Reporting Model Improvements – Governmental Funds.    
This highly-anticipated reporting model project begins with a focus on accounting and reporting of governmental funds. This phase of the project addresses several potential improvements to governmental fund reporting, including:

  • Recognition approaches (measurement focus and basis of accounting).
  • Format of the governmental funds statement of resource flows.
  • Specific terminology.
  • Reconciliation to the government-wide statements.
  • For certain recognition approaches, a statement of cash flows.
 GASB believes this project will have a significant impact on the foundation of state and local governments’ accounting and financial reporting. 


The NASACT Community

NASACT serves as the premier organization working to bring together state auditors, state comptrollers and state treasurers to cooperatively address government financial management issues. NASACT also manages two secretariats - the National State Auditors Association (NSAA) and the National Association of State Comptrollers (NASC). Both NSAA and NASC are included under the umbrella of NASACT’s budget and utilize staff hired by NASACT.