Event Overview
Our four-part webinar series provides foundational training for state and local government finance professionals across governmental accounting, budgeting, accounting operations, and financial management.
This session will provide an overview of key concepts in governmental accounting, including a discussion of critical Governmental Accounting Standards Board (GASB) pronouncements impacting local government financial statements. We will also discuss upcoming GASB pronouncements not yet implemented that will impact future financial statements. The session will conclude with illustrations of the accounting entries related to more complex governmental accounting transactions, including preparation of the government-wide financial statements, recording debt transactions, and recording pension, OPEB, and other year-end entries.
11 a.m. - 4 p.m. CT
- Define fund accounting, fund types, and measurement focus under the GASB standards and how these standards differ from those applicable to private sector entities.
- Outline the government-wide statements and explore typical note disclosures and their content.
- Demonstrate the purpose and application of GASB Statements Nos. 68, 75, 87, and 96.
- Summarize current and upcoming GASB Statements, including Nos. 101 and 103.
- Observe conversion entries in practice for preparing the government-wide financial statements and gain an understanding of recording certain complex transactions.
- Apply GASB 68 and 75 with journal entries and related note disclosure.
- Illustrate effective management of leases and SBITAs subject to GASB 87 and 96 and the entries and disclosure required at year-end.
