Year End GASB Updates: 2023

Learning Objectives

• To identify which recent GASB pronouncements are now in effect.
• To analyze the basics of the length of the term with GASB 96.
• To identify GASB projects that may affect your organization.
• To recall the major components of leave in GASB 101.
• To explain what GASB is working on, so you can prepare now.

Course Description

Are you involved in government accounting or audit? Are you grappling with the latest Governmental Accounting Standards Board (GASB) updates and their implications? This online webinar is tailored for you!

In this comprehensive course, we'll delve into the realm of new and upcoming GASB standards. The discussion begins with a deep dive into GASB 96—Subscription-Based Information Technology Arrangements (SBITAs), now in effect for most governmental entities. We'll unravel the complexities of determining contract durations under GASB 96, offering valuable tips for seamless implementation.

We'll touch briefly on GASB 94—Public Private Partnerships, exploring governmental collaborations with private entities that involve transferring control or operations. Moving forward, we'll explore GASB statements on the horizon, including GASB 100—addressing error corrections and accounting changes.

Prepare for a significant shift with GASB 101—compensated absences, which widens the recognition of leave liabilities compared to its predecessor, GASB 16. Anticipate this change's substantial impact on government accounting.

This CPE Accounting (Govt.) webinar culminates with an extensive exploration of the GASB research agenda and ongoing projects. Dive deep into the financial reporting model, revenue and expense recognition, infrastructure assets, subsequent events, and more. Emphasis will be placed on the reporting model, nonfinancial assets, and risk and uncertainties, considering GASB's publication of an exposure draft.

Major topics:

• Recent GASB Pronouncements in Effect
• Understanding GASB 96: Subscription-Based IT Arrangements
• GASB Projects Impacting Organizations
• Components of Leave in GASB 101
• Preparation for GASB Developments
• Navigating GASB Updates in Governmental Accounting
• Insights into GASB 94: Public-Private Partnerships
• Upcoming Standards: GASB 100 on Error Corrections
• Impact of GASB 101: Compensated Absences
• Exploring GASB's Ongoing Research and Projects

Join us to stay ahead in your understanding of the evolving GASB landscape, ensuring you're well-prepared to handle the accounting modifications associated with adopting these new standards.

Overview

• GASB themes

  4 mins
• Determining the term of a contract

  11 mins
• GASB 101 - Compensated absences

  19 mins
• GASB Research agenda / Current projects

  27 mins
• Exposure draft: Risk disclosure (Dated June 2022)

  39 mins