Description
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 wellequipped to accurately apply GASB Statement 65 to their financial reporting.
Date: 2024-10-16 Start Time: End Time:
Learning Objectives
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
Matthew A. Geerdes, CPA-Crowe LLP
