State Association of County Auditors GASB Update
|
|
- Amanda Simpson
- 5 years ago
- Views:
Transcription
1 State Association of County Auditors GASB Update The views expressed in this presentation are those of Mr. Sundstrom. Official positions of the GASB are determined only after extensive due process and deliberation.
2 Effective Dates FYE June Statement 65 Assets and Liabilities Reclassification and Recognition - Statement 66 Technical Corrections - Statement 67 Pension Plans - Statement 70 Nonexchange Financial Guarantees Statement 68 Pension Accounting for Employer and Nonemployer Contributing Entities - Statement 69 Government Combinations and Disposals of Government Operations - Statement 71 Pension Transition for Contributions Made Subsequent to the Measurement Date 2
3 Pensions
4 Statement 67 Financial Reporting for Pension Plans Statement 68 Accounting and Financial Reporting for Pensions 4
5 Scope and Applicability Defined benefit and defined contribution pensions provided through trusts that meet the following criteria: - Employer/nonemployer contributions irrevocable - Plan assets dedicated to providing pensions - Plan assets legally protected from creditors Excludes all OPEB Applies to employers and nonemployer contributing entities that have a legal obligation to make contributions directly to a pension plan 5
6 Types of Pension Plans Defined Benefit - Single employer - Agent multiple employer - Cost-sharing multiple employer Defined Contribution 6
7 Defined Benefit Pensions Liabilities to the pension plan (payables) Liabilities to employees for pensions - Net pension liability (NPL) Total pension liability (TPL), net of pension plan s fiduciary net position TPL = actuarial present value of projected benefit payments attributed to past periods Fiduciary net position as measured by pension plan - Single/agent employers recognize 100 percent of NPL - Cost-sharing employers recognize proportionate shares of collective NPL 7
8 What Can Be Done? Determine level of assistance that will be provided by the pension plan regarding the implementation of Statement 68 Determine what additional allocations need to made by the government - Primary government business-type activities (enterprise funds) - Component units Become familiar with AICPA white papers (recommended practices) on pensions Education clean opinion or not - Legislative bodies - Media - Public 8
9 GASB Efforts to Support Implementation Two Implementation Guides - Pension plan implementation guide released in June Employer and nonemployer contributing entity implementation guide released in January 2014 Outreach to all 50 states - Identify implementation issues - Provide technical support 9
10 Three Things That You Need To Know
11
12 Statement 65 Items Previously Reported as Assets and Liabilities Effective for Periods Beginning After December 15, 2012
13 Statement 65 GASB Standards identify all deferred inflows of resources and deferred outflows of resources - Debt refundings - Nonexchange transactions timing requirements Debt issuance costs, except any portion related to prepaid insurance costs, should be recognized as an expense in the period incurred. Deferred inflows and deferred outflows apply to governmental funds - Availability period 13
14 Statement 66 Technical Corrections 2012 Effective for Periods Beginning After December 15, 2012
15 Statement 66 Statement 13 - Statement 62 guidance on leases Statement 48 - Statement 62 guidance on Purchase of a loan or group of loans Servicing fees related to mortgage loans Statement 10 - Statement 54 guidance on special revenue funds Risk financing pools 15
16 Statement 70 Nonexchange Financial Guarantees Effective for periods beginning after June 15, 2013
17 Statement 70 Scope - Based the same definition of nonexchange that is found in Statement 33 Excludes exchange and exchange-like transactions Recognition When qualitative factors and historical data, if any, indicate that it is more likely than not that a payment will be made on an extended nonexchange financial guarantee, the event should recognize a liability Measurement - Amount equal to the discounted present value of the best estimate of the future outflows expected to be incurred as a result of the guarantee 17
18 2015
19 Statement 69 Government Combinations and Disposals of Operations Effective for Periods Beginning After December 15, 2013
20 Statement 69 Mergers and transfers - Assets, liabilities, and deferrals should be reported at carrying values Presumption of GAAP Acquisitions - Assets, liabilities and deferrals should be reported at acquisition value a market-based entry price - Exceptions pensions, OPEB, pollution remediation Disposals (sales and transfers) - Gains and losses reported as special items 20
21 Current Technical Agenda Fair Value Measurement and Application Fiduciary Responsibilities GAAP Hierarchy Leases Postemployment Benefits 21
22 Fair Value Fair Value Definition - The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investment Definition - A security or other asset that a government holds primarily for the purpose of income or profit and its present service capacity is based solely on its ability to generate cash or to be sold to generate cash Disclosures amendments based on current FASB standards (including fair value hierarchy levels 1-3) 22
23 Fiduciary Responsibilities Fiduciary definition A government that controls assets either: - As a trustee for the sole benefit of its own employees or recipients other than the financial reporting entity, or - For which it does not have administrative or direct financial involvement over the assets used to provide benefits to individuals that are not part of its citizenry, or organizations or other governments that are not part of the financial reporting entity.. Fiduciary activities continue to be reported as basic financial statements Custodial funds - An expanded fund type be established that includes any fiduciary arrangement that is not governed by a formal trust agreement or equivalent arrangement Funds previously classified as agency funds Trust funds for which there is no trust agreement or equivalent arrangement 23
24 GAAP Hierarchy Reduce GAAP Hierarchy from four levels to two levels - Level 1 GASB Statements - Level 2 GASB Technical Bulletins and Implementation Guides and AICPA pronouncements cleared by the GASB Nonauthoritative further clarifies role of concepts statements Requires broader public exposure of comprehensive implementation guide 24
25 Leases Single approach right of use - No classification of leases into operating/capital or other categories - Potentially develop some exceptions - Underlying assumption that leases are financings Practicality exception short-term lease - Lease that, at the beginning of the lease, has maximum possible term under the contract, including any options to extend, of 12 months or less Lessor working with FASAB 25
26 Postemployment Benefits Three Exposure Drafts - Other Postemployment Benefits (OPEB) Plans - OPEB Employers - Pensions Plans that are not qualifying trusts OPEB proposals based on new pension standards Certain modifications made, including provision for healthcare trend rates 26
27 Questions? Web site 27
AGA Montgomery Chapter
AGA Montgomery Chapter GASB Update Past, Present, 1 and Future The views expressed in this presentation are those of Mr. Bean. Official positions of the GASB on accounting matters are reached only after
More informationGASB Update 2015 GFOAA Annual Conference Wesley A. Galloway, Project Manager Governmental Accounting Standards Board
GASB Update 2015 GFOAA Annual Conference Wesley A. Galloway, Project Manager Governmental Accounting Standards Board The views expressed in this presentation are those of [Mr./Ms. last name]. Official
More informationGASB Update Lisa R. Parker, CPA, CGMA Project Manager Governmental Accounting Standards Board
GASB Update Lisa R. Parker, CPA, CGMA Project Manager Governmental Accounting Standards Board The views expressed in this presentation are those of Ms. Parker. Official positions of the GASB on accounting
More informationGASB Update. Presented by: Miller Edwards, CPA of Mauldin & Jenkins, LLC
Presented by: Miller Edwards, CPA of Mauldin & Jenkins, LLC medwards@mjcpa.com 2013 GGFOA Annual Conference Legacy Lodge & Conference Center Lake Lanier Islands Resort September 30, 2013 The materials
More informationOverview: GASB Statement 68 on Pensions
Overview: GASB Statement 68 on Pensions Michelle Czerkawski, GASB Project Manager The views expressed in this presentation are those of Ms. Czerkawski. Official positions of the Governmental Accounting
More informationCurrent Board Members [continued]
ASSOCIATION OF GOVERNMENT ACCOUNTANTS 2013 Southeast Region PDC GASB Update April 5, 2013 The views expressed in this presentation are those of Dr. Smith. Official positions of the GASB are determined
More informationGovernment Combinations and Disposals of Government Operations
What s Next?! Government Combinations and Disposals of Government Operations Why issue GASB 69? Effective for periods beginning after December 15, 2015, applied on a prospective basis. Early adoption
More informationGASB Update. Presented by: Craig Moye, CPA of Mauldin & Jenkins, LLC
Presented by: Craig Moye, CPA of Mauldin & Jenkins, LLC cmoye@mjcpa.com 2013 GGFOA Annual Conference Legacy Lodge & Conference Center Lake Lanier Islands Resort September 30, 2013 The materials & oral
More informationUpdate. Governmental Accounting and Auditing Update
Update Governmental Accounting and Auditing Update The views expressed in this presentation are those of Mr. Bean. Official positions of the GASB are reached only after extensive due process and deliberations.
More informationOctober 10, Charles Tegen
GASB UPDATE Financial Reporting for Public Higher Education October 10, 2016 Charles Tegen ctegen@clemson.edu Agenda GASB and GASAC GASB Terms and Communication GASB Activities Newest Standards Exposure
More information2017 GASB Update (Past, Present and Future) Janice Fergusson, CPA
2017 GASB Update (Past, Present and Future) Janice Fergusson, CPA GASB Update Recent Past GASB 72 Fair Value Measurement and Application GASB 73 Pensions not within scope of GASB 68 GASB 76 GAAP Hierarchy
More information9/27/16. North Carolina State Treasurer s Conference
North Carolina State Treasurer s Conference GASB Update The views expressed in this presentation are those of Mr. Bean. Official positions of the GASB on accounting matters are reached only after extensive
More informationGovernmental GAAP Edition. Warren Ruppel
Governmental GAAP 2016 Edition Warren Ruppel Chapter 1 New Developments... 1 Introduction... 1 Recently Issued GASB Statements and Their Effective Dates... 1 Exposure Drafts... 1 Exposure Draft Implementation
More informationImplementing the New Pension Accounting Rules for Public Pension Plans
Implementing the New Pension Accounting Rules for Public Pension Plans William G. Karbon, MSPA, CPC Sr. Vice President, Dir. of Compliance CBIZ Benefits & Insurance Services, Inc. Lawrenceville, NJ What
More informationCouncil of State Governments Alan Conroy GASB Overview & Update
Council of State Governments Alan Conroy GASB Overview & Update The views expressed in this presentation are those of Mr. Conroy. Official positions of the GASB on accounting matters are determined only
More informationGASB Update. Louisiana Association of School Business Officials March 19, 2015
GASB Update Louisiana Association of School Business Officials March 19, 2015 GAO Green Book Out-of-date (last issued in November 1999) Desire to harmonize Green Book with the updated COSO framework Retains
More informationACPEN. Effective Dates June-November, 2016 and GASB Update
ACPEN GASB Update The views expressed in this presentation are those of Mr. Bean. Official positions of the GASB on accounting matters are reached only after extensive due process and deliberation. 1 Effective
More informationGovernmental GAAP Edition. Warren Ruppel
Governmental GAAP 2017 Edition Warren Ruppel Chapter 1 New Developments... 1 Introduction... 1 Recently Issued GASB Statements and Their Effective Dates... 1 Exposure Drafts... 2 Exposure Drafts Implementation
More informationGovernmental Audit & Accounting Update
Presented by: Miller Edwards, CPA of Mauldin & Jenkins, LLC medwards@mjcpa.com October 14, 2014-10:50 am 11:402013 am GGFOA Annual Conference Legacy Lodge & Conference Center Lake Lanier Islands Resort
More informationUpcoming Changes to Pension Reporting Under GASB 67 & 68 and the Impact to Municipalities Participating in PERA Retirement Plans
Upcoming Changes to Pension Reporting Under GASB 67 & 68 and the Impact to Municipalities Participating in PERA Retirement Plans Patricia (Patty) French, Board Chair, PERA Wayne Propst, Executive Director,
More informationWEST BAY SANITARY DISTRICT FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORT JUNE 30, 2015 * * *
WEST BAY SANITARY DISTRICT FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORT JUNE 30, 2015 * * * CHAVAN & ASSOCIATES LLP CERTIFIED PUBLIC ACCOUNTANTS 1475 SARATOGA AVE, SUITE 180 SAN JOSE, CA 95129
More information11/7/2018. Emily Sobczak Greene Finney, LLP November, 2018
GAAP UPDATE 2018 Emily Sobczak Greene Finney, LLP November, 2018 GAAP Update Current Topics GASB 75 OPEB Reporting for Employers GASB 81 Irrevocable Split-Interest Agreements GASB 85 Omnibus 2017 GASB
More informationGASB Update. Rob Churchman, Partner. April 9, 2013
GASB Update Rob Churchman, Partner April 9, 2013 Agenda GASB 60: Service Concession Arrangements GASB 61: The Financial Reporting Entity GASB 62 & 66: Pre-1989 FASB/AICPA Pronouncements & Technical Corrections
More information2014 CliftonLarsonAllen LLP. GASB Update. May 20, CLAconnect.com
GASB Update May 20, 2014 CLAconnect.com Effective Dates Years beginning after December 15, 2012 (June 30, 2014) Statement 65 Items Previously Reported as Assets and Liabilities Statement 66 - Technical
More informationGASB Update. Objectives. Government Treasurers Organization of Texas. Current and Upcoming Standards
2016 Hilltop Securities Inc. Richard Konkel Director richard.konkel@hilltopsecurities.com 1201 Elm Street, Suite 3500 Dallas, Texas 75270 214.953.4020 Direct GASB Update Current and Upcoming Standards
More informationINDEPENDENT AUDITOR'S REPORT
Board of Trustees Lake Tahoe Community College District South Lake Tahoe, California Report on the Financial Statements INDEPENDENT AUDITOR'S REPORT We have audited the accompanying financial statements
More information2014 CliftonLarsonAllen LLP CliftonLarsonAllen LLP. GASB Update. Greg Bussink and Sean Walker October 22, CLAconnect.
2014 CliftonLarsonAllen LLP GASB Update Greg Bussink and Sean Walker October 22, 2014 CLAconnect.com Effective Dates Years beginning after December 15, 2012 (June 30, 2014) Statement 65 Items Previously
More informationGASB Standards Effective for 2014
Overview This paper provides an overview of the final standards issued by the Governmental Accounting Standards Board (GASB) effective in 2014, as well as an update on outstanding proposals and active
More informationOmnibus 201X. September 13, 2016 Comments Due: November 23, Proposed Statement of the Governmental Accounting Standards Board
September 13, 2016 Comments Due: November 23, 2016 Proposed Statement of the Governmental Accounting Standards Board Omnibus 201X This Exposure Draft of a proposed Statement of Governmental Accounting
More information1 NEW DEVELOPMENTS COPYRIGHTED MATERIAL INTRODUCTION
1 NEW DEVELOPMENTS Introduction 1 Recently Issued GASB Statements and Their Effective Dates 1 Most Recent GASB Statement: GASB Statement 58, Accounting and Financial Reporting for Chapter 9 Bankruptcies
More informationGASB Update Florida School Finance Officers Association June 12, 2018
GASB Update Florida School Finance Officers Association June 12, 2018 2017 Becker Professional Education Corporation. All rights reserved. The copyright in this material is owned by Becker Professional
More informationGASB Update. October 28, Jialan Su Project Manager Governmental Accounting Standards Board
GASB Update October 28, 2016 Jialan Su Project Manager Governmental Accounting Standards Board The views expressed in this presentation are those of Ms. Su. Official positions of the GASB on accounting
More informationGovernmental Accounting Standards Board (GASB) Updates. Summary of GASB Updates
Governmental Accounting Standards Board (GASB) Updates Effective Dates Recently Issued GASB Standards June 30, 2013 GASB Statement No. 60, Accounting and Financial Reporting for Service Concession Arrangements*
More informationChapter 5 CHAPTER 5. Pensions Employer and Plan and Employer Accounting and Reporting
Chapter 5 CHAPTER 5 Pensions Employer and Plan and Employer Accounting and Reporting Primary Pronouncements: GASB Statement 25, GASB Statement 27, GASB Statement 50, GASB Statement 67, GASB Statement 68
More informationGASB Update Lisa R. Parker Senior Project Manager Governmental Accounting Standards Board
GASB Update Lisa R. Parker Senior Project Manager Governmental Accounting Standards Board The views expressed in this presentation are those of Ms. Parker. Official positions of the GASB on accounting
More informationGASB Update. By: Billy Robinson, CPA Assistant Director of Finance, Roanoke County
GASB Update 42 nd Annual VGFOA Spring Conference By: Billy Robinson, CPA Assistant Director of Finance, Roanoke County Contact Information (540) 772-2020 ext. 330 brobinson@roanokecountyva.gov 5204 Bernard
More informationA STAMPEDE OF NEW PRONOUNCEMENTS GASB UPDATE FOR GFOAT SPRING 2017 CONFERENCE
A STAMPEDE OF NEW PRONOUNCEMENTS GASB UPDATE FOR GFOAT SPRING 2017 CONFERENCE EFFECTIVE DATES JUNE 30, 2017 2017 STATEMENT 73 PENSIONS EMPLOYERS (OUTSIDE THE SCOPE OF STATEMENT 68) STATEMENT 74 OTHER POSTEMPLOYMENT
More informationGASB STATEMENTS AND EFFECTIVE DATES
1 Authoritative Status of NCGA On issuance July 1984 Pronouncements and AICPA Industry Audit Guide 2 Financial Reporting of Deferred Financial statements for periods ending after 12/15/86 Compensation
More informationGASB UPDATE BARBARA BOYD, CPA SENIOR MANAGER PURVIS, GRAY AND COMPANY, LLP. Purvis, Gray & Company Certified Public Accountants
GASB UPDATE 1 BARBARA BOYD, CPA SENIOR MANAGER PURVIS, GRAY AND COMPANY, LLP Presentation Overview 2 Pronouncements currently being implemented Exposure Drafts/ Preliminary Views Pre-agenda Research Activities
More informationGovernmental Accounting Standards Series
NO. 361 JANUARY 2017 Governmental Accounting Standards Series Statement No. 84 of the Governmental Accounting Standards Board Fiduciary Activities GOVERNMENTAL ACCOUNTING STANDARDS BOARD OF THE FINANCIAL
More informationMay 28, 2014 Comments Due: August 29, Proposed Statement of the Governmental Accounting Standards Board
May 28, 2014 Comments Due: August 29, 2014 Proposed Statement of the Governmental Accounting Standards Board Accounting and Financial Reporting for Pensions and Financial Reporting for Pension Plans That
More informationDean Michael Mead, GASB Senior Research Manager
GASB Update Ohio GFOA September 23, 2016 Dean Michael Mead, GASB Senior Research Manager The views expressed in this presentation are those of Mr. Mead. Official positions of the GASB on accounting matters
More information2013 GASB Update. WVDE Office of School Finance Summer Conference. Agenda. GASB Statement No. 65. Items Previously Reported as Assets and Liabilities
2013 GASB Update WVDE Office of School Finance Summer Conference Presented by Gregory S. Allison, CPA UNC School of Government Agenda GASB Update Items Previously Reported as Assets and Liabilities (GASB
More informationReport on Impact of GASB Statement Nos. 63 and 65 on the Statement of Net Position (Balance Sheet)
FAP Agenda Number 5. CONTACT: Doug Dunlap (623) 869-2360 ddunlap@cap-az.com MEETING DATE: March 20, 2014 AGENDA ITEM: Report on Impact of GASB Statement Nos. 63 and 65 on the Statement of Net Position
More informationUnderstanding GASB 74 and 75. Graham A. Schmidt, ASA, EA, FCA, MAAA Cheiron Anne Harper, FSA, EA, MAAA Cheiron
Understanding GASB 74 and 75 Graham A. Schmidt, ASA, EA, FCA, MAAA Cheiron Anne Harper, FSA, EA, MAAA Cheiron Background GASB Statements 67 and 68 issued in June 2012 Most retirement systems have reported
More informationGASB STATEMENTS AND EFFECTIVE DATES
1 Authoritative Status of NCGA On issuance July 1984 Pronouncements and AICPA Industry Audit Guide 2 Financial Reporting of Deferred Financial statements for periods ending after 12/15/86 Compensation
More informationJune 28, 2017 Comments Due: September 25, Proposed Implementation Guide of the Governmental Accounting Standards Board
June 28, 2017 Comments Due: September 25, 2017 Proposed Implementation Guide of the Governmental Accounting Standards Board Implementation Guide No. 201X-Z, Accounting and Financial Reporting for Postemployment
More informationGASB Update. Rutgers Governmental Accounting and Auditing Update Conference. November 30, Michelle Czerkawski, Senior Project Manager, GASB
Rutgers Governmental Accounting and Auditing Update Conference GASB Update November 30, 2017 Michelle Czerkawski, Senior Project Manager, GASB The views expressed in this presentation are those of Ms.
More informationImplementing GASB 75 Accounting and financial reporting for other post-employment benefits
Implementing GASB 75 Accounting and financial reporting for other post-employment benefits Judy McNeal, Chief Financial Officer KPERS Michele Stromp, Partner KPMG LLP Julie Barrientos, Director KPMG LLP
More informationGASB Update Pamela Dolan, CPA Project Manager Governmental Accounting Standards Board
GASB Update Pamela Dolan, CPA Project Manager Governmental Accounting Standards Board The views expressed in this presentation are those of Ms. Dolan. Official positions of the GASB on accounting matters
More informationGASB Update October 22, 2015
GASB Update October 22, 2015 Smitty 1 Presentation Overview Pronouncements currently being implemented Proposals available for public comment Projects currently being deliberated by the Board GASB News
More informationGASB: What Legislative Staff Need to Know
GASB: What Legislative Staff Need to Know Fiscal Analysts Seminar Dean Michael Mead October 22, 2014 The views expressed in this presentation are those of Mr. Mead. Official positions of the GASB on accounting
More informationGASB Update Pamela Dolan, CPA Project Manager Governmental Accounting Standards Board
GASB Update Pamela Dolan, CPA Project Manager Governmental Accounting Standards Board The views expressed in this presentation are those of Ms. Dolan. Official positions of the GASB on accounting matters
More informationImplementation Guide No. 201X-Y, Implementation Guidance Update 201X
November 16, 2016 Comments Due: January 31, 2017 Proposed Implementation Guide of the Governmental Accounting Standards Board Implementation Guide No. 201X-Y, Implementation Guidance Update 201X This Exposure
More informationMay 16, 2016 National Conference on Public Employee Retirement Systems
May 16, 2016 National Conference on Public Employee Retirement Systems GASB Update: What NCPERS Members Need to Know David A. Vaudt GASB Chair The views expressed in this presentation are those of Mr.
More information{Audit Update.} Presented by Katie Thornton to MCCBOA on March 6, 2014 PLANTE MORAN. plantemoran.com
{Audit Update.} Presented by Katie Thornton to MCCBOA on March 6, 2014 Agenda GASB Standards Update GASB Agenda Items Federal Update 1 GASB Standards Update 2 Summary of Recent GASB Statements Statement
More informationFinancial Reporting for Postemployment Benefit Plans Other Than Pension Plans
May 28, 2014 Comments Due: August 29, 2014 Proposed Statement of the Governmental Accounting Standards Board Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans This Exposure
More informationGASB Update. August 2018
GASB Update August 2018 Agenda GASB 75 OPEB GASB 84 Fiduciary Activities GASB 85 Omnibus 2017 GASB 87 Leases GASB 88 Certain Disclosures Related to Debt GASB 89 Accounting for Interest Cost Incurred Before
More informationGOVERNMENTAL DEFINED BENEFIT PENSION PLANS
GOVERNMENTAL DEFINED BENEFIT PENSION PLANS UNDERSTANDING GASB 67 / 68 GGFOA 2014 ANNUAL CONFERENCE Presented By: Donald L. McGrath Jr., CPA, Partner Crace Galvis McGrath, LLC Sponsored By: Georgia Government
More informationANNUAL STATE AND LOCAL GOVERNMENT ACCOUNTING UPDATE WHAT S NEW AND WHAT S NEXT? 4/17/18
ANNUAL STATE AND LOCAL GOVERNMENT ACCOUNTING UPDATE WHAT S NEW AND WHAT S NEXT? 4/17/18 Today s presenter Michelle Horaney Partner, National Professional Standards Group/National Leader for Education RSM
More informationGASB Update. GASB Update. Statement No. 72 1/20/2016. Overview of GASB statements issued in 2015, including: GASB Statements Issued in 2015
GASB Update GASB Update An overview of recently-issued GASB Statements. January 21, 2016 Overview of GASB statements issued in 2015, including: Effective date Applicability Main implications How to prepare
More informationGAAP Update. Introduction / Summary 6/1/17. GASB Statement No. 73
GAAP Update Greg Allison, Teaching Professor UNC-CH SOG Lee Carter, Vice President Capital Management of the Carolinas GASB Statement No. 73 Accounting and Financial Reporting for Pensions and Financial
More informationGASB Standards Update
GASB Standards Update Nathan Baldermann, CPA, CGFM Governmental Training Series June 17, 2015 - Gem Theatre, Detroit Session Outline Newly issued standards Newly effective standards Upcoming standards
More informationGASB 74 & 75 The new GASB OPEB standards & an overview of upcoming pronouncements. Jeff Straus, CPA Principal
GASB 74 & 75 The new GASB OPEB standards & an overview of upcoming pronouncements Jeff Straus, CPA Principal jstraus@manercpa.com Session Overview 1. What are Other Post Employment Benefits (OPEB)? 2.
More informationAUDITOR S RESPONSIBILITY UNDER AUDITING STANDARDS GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA
Crowe Horwath LLP Independent Member Crowe Horwath International Board of Trustees Gavilan Joint Community College District Gilroy, California Professional standards require that we communicate certain
More informationUpdate. California Society of Municipal Finance Officers. GASB Update OPEB and so much more
Update California Society of Municipal Finance Officers GASB Update OPEB and so much more The views expressed in this presentation are those of Mr. Bean. Official positions of the GASB are reached only
More informationAlabama Water Pollution Control Authority
Alabama Water Pollution Control Authority COMPONENT UNIT FINANCIAL STATEMENTS For the Year Ended September 30, 2015 Table of Contents September 30, 2015 TAB: REPORT Independent Auditors Report 1 TAB: FINANCIAL
More informationProposed Statement of the Governmental Accounting Standards Board
Issue Paper Attachment B June 0 Meeting NO. - JUNE XX, 0 Governmental Accounting Standards Series EXPOSURE DRAFT Proposed Statement of the Governmental Accounting Standards Board Financial Reporting for
More informationNEVADA JOINT UNION HIGH SCHOOL DISTRICT Grass Valley, California. FINANCIAL STATEMENTS June 30, 2013
Grass Valley, California FINANCIAL STATEMENTS June 30, 2013 FINANCIAL STATEMENTS WITH SUPPLEMENTARY INFORMATION For the Year Ended June 30, 2013 TABLE OF CONTENTS Page Independent Auditor's Report 1 Management's
More informationCalifornia Society of Municipal Finance Officers
California Society of Municipal Finance Officers GASB Exposed Due Process Documents and Current Deliberations The views expressed in this presentation are those of Mr. Bean. Official positions of the GASB
More informationTax Collector Walton County, Florida
Walton County, Florida Special Purpose Financial Statements For The Year Ended September 30, 2015 243 Table of Contents September 30, 2015 Page INDEPENDENT AUDITORS REPORT 245 246 SPECIAL PURPOSE FINANCIAL
More informationGREAT GASB! The Flood of New Standards Continue. Government Finance Officers Association of Texas Fall Conference October 28, 2016
GREAT GASB! The Flood of New Standards Continue Government Finance Officers Association of Texas Fall Conference October 28, 2016 1 Effective Dates June 30, 2016 and 2017 2016 2017 Statement 72 Fair value
More informationOpening Remarks. SPEAKER David Bean Director of Research and Technical Activities GASB SPEAKER. SPEAKER David Vaudt Chairman GASB
GASB Update 2017 The views expressed in this presentation are those of the GASB Chairman and Staff. Official positions of the GASB on accounting matters are determined only after extensive due process
More informationProposed Statement of the Governmental Accounting Standards Board
NO. 34-P JUNE 27, 2011 Governmental Accounting Standards Series EXPOSURE DRAFT Proposed Statement of the Governmental Accounting Standards Board Financial Reporting for Pension Plans an amendment of GASB
More informationGASB S RECENTLY ISSUED & CURRENTLY EFFECTIVE STANDARDS
GASB S RECENTLY ISSUED & CURRENTLY EFFECTIVE STANDARDS Alan D. A.J. Bowers, Jr., CPA Senior Manager RPC CPAs + Consultants, LLP September 15, 2016 AICPA Governmental Accounting and Auditing Update GASB
More informationGASB Update. Virginia Government Finance Officers Association 2017 Spring Conference
Virginia Government Finance Officers Association 2017 Spring Conference GASB Update Scott Reeser, Supervising Project Manager Governmental Accounting Standards Board The views expressed in this presentation
More informationNEVADA JOINT UNION HIGH SCHOOL DISTRICT Grass Valley, California. FINANCIAL STATEMENTS June 30, 2014
Grass Valley, California FINANCIAL STATEMENTS June 30, 2014 FINANCIAL STATEMENTS WITH SUPPLEMENTARY INFORMATION For the Year Ended June 30, 2014 TABLE OF CONTENTS Page Independent Auditor's Report 1 Management's
More information5/17/2016 GASB UPDATE. Tara Fenner, CPA, CMFO. How we really feel about GASB!
GASB UPDATE Tara Fenner, CPA, CMFO How we really feel about GASB! 1 No worries! We are here to help! GASB 68 & 71: PENSIONS We Made It! Now What? 2 Review GASB 68, Accounting and Financial Reporting for
More informationOPEB Reporting. Embracing GASB 74 and 75. May 16, PRESENTED TO Governmental Accounting & Auditing Conference
OPEB Reporting Embracing GASB 74 and 75 PRESENTED TO Governmental Accounting & Auditing Conference May 16, 2017 PRESENTED BY Jamie L. Rivette, CPA Ali N. Barnes, CPA 1 The Agenda What is OPEB? Implementation
More informationGovernmental Update. GASB Statements 5/15/2018 RACHEL WALLEN, CPA.CFE RACHEL SQUIBB, CPA GASB 75. June 15,
Governmental Update RACHEL WALLEN, CPA.CFE RACHEL SQUIBB, CPA GASB Statements GASB Statement Number Description Effective for Fiscal Years / Reporting Periods Beginning After Effective Fiscal Year for
More informationIllinois Community College Chief Financial Officers Spring 2016 Conference GASB Update
Illinois Community College Chief Financial Officers Spring 2016 Conference GASB Update Frederick G. Lantz, CPA Partner-in-Charge, Government Services Sikich LLP 1415 West Diehl Road, Suite 400 Naperville,
More informationCOTATI-ROHNERT PARK UNIFIED SCHOOL DISTRICT COUNTY OF SONOMA ROHNERT PARK, CALIFORNIA
COTATI-ROHNERT PARK UNIFIED SCHOOL DISTRICT COUNTY OF SONOMA ROHNERT PARK, CALIFORNIA AUDIT REPORT JUNE 30, 2016 CHAVAN & ASSOCIATES, LLP CERTIFIED PUBLIC ACCOUNTANTS 1475 SARATOGA AVE., SUITE 180 SAN
More informationGASB & NFP Update November 13, 2014
www.pwc.com GASB & NFP Update November 13, 2014 GASB effective dates Reminders of standards already adopted GASB standards GASB 65 Items previously reported as assets and liabilities GASB 66 Technical
More informationCalifornia Society of Municipal Financial Officers GASB A Look into the Future
California Society of Municipal Financial Officers GASB A Look into the Future The views expressed in this presentation are those of Mr. Bean. Official positions of the GASB on accounting matters are determined
More informationGASB & AUDIT UPDATE NOVEMBER 2018
GASB & AUDIT UPDATE NOVEMBER 2018 Alaska Government Finance Officers Association BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited
More information2014 FINANCIAL ACCOUNTING AND REPORTING ISSUES SEMINAR (AND GAAP UPDATE) Presented by Paul E. Glick, Glick Consulting Group
2014 FINANCIAL ACCOUNTING AND REPORTING ISSUES SEMINAR (AND GAAP UPDATE) Presented by Paul E. Glick, Primary Seminar Objectives Review the GASB Pronouncements Becoming Effective in The Near Future Emphasis
More informationGAAP Update. Dean Michael Mead. Research Manager Governmental Accounting Standards Board. Maryland Association of CPAs April 30, 2010
GAAP Update Dean Michael Mead Research Manager Governmental Accounting Standards Board Maryland Association of CPAs April 30, 2010 The opinions expressed in this presentation are those of the presenter.
More informationNational Association of State Comptrollers
National Association of State Comptrollers GASB Update The views expressed in this presentation are those of Chair Vaudt, Vice-Chair Sylvis, and Mr. Bean. Official positions of the GASB on accounting matters
More informationCalifornia Society of Municipal Finance Officers
California Society of Municipal Finance Officers GASB Update Waiting in the Wings The views expressed in this presentation are those of Mr. Bean. Official positions of the GASB on accounting matters are
More informationAgenda / Learning Objectives
Audit and Accounting Update: Navigating Uncharted Waters Tyler Bernier, CPA, CHFP August 18, 2016 Agenda / Learning Objectives Understand significant FASB and GASB Standards changes Consider the effects
More informationGovernment Accounting Standards Board Update. GASB 65 Through GASB 70: How Do These Statements Affect Public Ports in Washington?
Government Accounting Standards Board Update GASB 65 Through GASB 70: How Do These Statements Affect Public Ports in Washington? Introduction FOX & COMPANY CPAs, LLC George@cpafox.net (360) 597-0400 GASB:
More informationPresentation of 2016 Audit Results. Atlanta BeltLine, Inc.
Presentation of 2016 Audit Results Atlanta BeltLine, Inc. January 11, 2017 Agenda Engagement Team Results of the 2016 Audit Comments, Recommendations, and Other Issues Questions 1 Engagement Team Mauldin
More informationBRAWLEY ELEMENTARY SCHOOL DISTRICT COUNTY OF IMPERIAL BRAWLEY, CALIFORNIA ANNUAL FINANCIAL REPORT JUNE 30, 2016
COUNTY OF IMPERIAL BRAWLEY, CALIFORNIA ANNUAL FINANCIAL REPORT JUNE 30, 2016 Wilkinson Hadley King & Co. LLP CPA's and Advisors 218 W. Douglas Ave El Cajon, CA 92020 Introductory Section Brawley Elementary
More informationFiduciary Activities. December 17, 2018 Comments Due: February 28, Proposed Implementation Guide of the Governmental Accounting Standards Board
December 17, 2018 Comments Due: February 28, 2019 Proposed Implementation Guide of the Governmental Accounting Standards Board Fiduciary Activities This Exposure Draft of a proposed Implementation Guide
More informationCAPE COD REGIONAL TRANSIT AUTHORITY (a component Unit of the Massachusetts Department of Transportation)
(a component Unit of the Massachusetts Department of Transportation) Basic Financial Statements, Supplementary Data For the Year Ended June 30, 2016 Table of Contents Management s Discussion and Analysis
More informationCOPYRIGHTED MATERIAL. Index
Index A Accounts payable, 21 23, 101 Accounts receivable, 7, 10 13, 101 Accrual basis of accounting, 36 38, 214, 215 Actuarial assumptions and calculations, pension benefits, 164 171 Adjustments Annual
More informationOther Postemployment Benefits (OPEB)
Other Postemployment Benefits (OPEB) A Webinar for Users of State & Local Government Financial Information Scott Reeser, Project Manager Emily Clark, Project Research Associate Dean Mead, Research Manager
More informationRecent GASB Activity - Past
GASB Update 1 Recent GASB Activity - Past GASB 72 Fair value GASB 73 Certain pensions not administered through a trust GASB 76 GAAP hierarchy GASB 79 External investment pools 2 Recent GASB Activity -
More informationGASB Update. New Hampshire Government Finance Officers Association. May 4, Lisa R. Parker, CPA, CGMA, Senior Project Manager
New Hampshire Government Finance Officers Association GASB Update May 4, 2018 Lisa R. Parker, CPA, CGMA, Senior Project Manager The views expressed in this presentation are those of Ms. Parker. Official
More informationRecent Significant GASB Pronouncements. William Feng, Chief Accountant October 2018
1d. GASB Review 1d. Recent Significant GASB Pronouncements William Feng, Chief Accountant October 2018 0 What is GASB? Governmental Accounting Standards Board (GASB) is the independent organization that
More information