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Overview

2.0 Credits
ONLINE

This course provides a focused update on major recent pronouncements issued by the Governmental Accounting Standards Board. Coverage includes GASB Statement No. 103 (financial reporting model improvements), GASB Statement No. 104 (enhanced disclosures for capital assets), and GASB Statement No. 105 (subsequent events). Participants will also receive a high-level overview of active GASB exposure drafts and ongoing projects. The course is designed to help auditors, preparers, and financial leaders understand how these developments affect audits, financial statement preparation, and board reporting.

Objectives

• Recall the impact of GASB Statement No. 103 on the governmental financial reporting model.
• Identify new disclosure requirements introduced by GASB Statement No. 104.
• Recognize requirements related to subsequent events under GASB Statement No. 105.
• Recall key elements of recent GASB exposure drafts and active projects.

Major Topics

  • Differentiating risks faced when performing various levels of professional services, such as audits, reviews, compilations, preparing financial statements, bookkeeping, tax return preparation, and similar
  • Best practices for preventing quality control concerns that could lead to peer review deficiencies or malpractice claims
  • Establishing an understanding with the client to minimize misunderstandings as to the nature and scope of engagements
  • Explain situations when independence should be appropriately safeguarded when performing nonattest services

Designed For

Anyone who performs audit or other attest services

Prerequisite

Prior experience with governmental financial reporting

Advanced Preparation

None
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