Reinforce your understanding of key terms and concepts related to GASB Statement 65, its main changes, and the rationale behind its introduction.
While many government entities and public institutions have successfully adapted to the changes brought about by GASB Statement 65, some still find it challenging to assess new items to determine if they fall within its scope. Implemented over a decade ago, GASB Statement 65 reclassified certain items that were previously reported as assets and liabilities, significantly impacting financial reporting. This presentation serves as a refresher course, designed to reinforce attendees' understanding of key terms and concepts related to GASB Statement 65, its main changes, and the rationale behind its introduction. The live webinar will also focus on the practical implications of GASB Statement 65, particularly in assessing whether new items are within its scope. This workshop is crucial for those responsible for financial reporting in government entities and public institutions, ensuring they are well-equipped to accurately apply GASB Statement 65 to their financial reporting.
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Agenda
GASB 65 Topic
Introduction
- Issuance Overview, Effective Date and Amendments to the Standard by Subsequent GASB Statements
- Purpose of the Standard and Interconnection With GASB Statement 63
- Application to Financial Reporting
GASB 65 Foundational Concepts - Deferred Outflows, Deferred Inflows and Other Top-Level Concepts
- Definition of a Deferred Inflow and Deferred Outflow vs Definition of an Asset or a Liability
- Presentation of Deferred Inflows and Deferred Outflows on the Financial Statements
- Use of Deferred in Financial Statement Presentations
- Revenue Recognition in Governmental Funds
- Major Fund Calculations - Use of Deferred Inflows and Deferred Outflows
Technical Topics and Application of GASB 65- Debt
- Refunding of Debt
- Debt Issuance Costs
- Leases
- Sale-Leaseback
Technical Topics and Application of GASB 65 - Revenue Transactions
- Imposed Nonexchange Revenue Transactions
- Government Mandated Nonexchange and Voluntary Transactions
- Sales of Future Revenues
- Intra-Entity Transfer of Future Revenue
- Regulated Operations
Technical Topics and Application of GASB 65 - Insurance and Lending Transactions
- Acquisition Costs Related to Insurance Activities
- Lending Activities
- Mortgage Banking Activities
Questions and Answers
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on October 16, 2024.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
MP3 Download
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Matthew A. Geerdes, CPA
Crowe LLP
- Senior Manager in Crowe LLP’s Public Sector Consulting Group in Oak Brook, Illinois
- Over 23 years of experience in public accounting providing auditing, consulting and accounting advisory services to governmental and not-for profit organizations, including municipalities, community colleges, school districts, special districts, state agencies and state universities as well as educational foundations across the country
- Has been the manager on financial audit engagements that have followed Government Auditing Standards and the Uniform Guidance
- Experience with Annual Comprehensive Financial Report (ACFR) and Schedule of Expenditures of Federal Awards (SEFA) preparation
- Conducts educational presentations to internal groups at Crowe and various professional entities regarding accounting standards updates, auditing standards updates, and the Uniform Guidance
- Active member of the American Institute of Certified Public Accountants, Illinois CPA Society, and Illinois Association of School Business Officials; currently serves as chair of the Government Report Review Committee of the Illinois CPA Society, and is a member of both the Accounting and Financial Reporting Professional Development Committee of the Illinois Association of School Business Officials and the Special Review Committee of the Government Finance Officers Association of the United States and Canada
- M.B.A. degree and B.A. degree, Lewis University
- Can be contacted at 630-706-2061 or [email protected]
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Why Lorman?
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