GAE2119. Financial Reporting Model Improvements

GASB Statement No. 34; Basic Financial Statements – and Management’s Discussion and Analysis – for State and Local Governments, issued in 1999, was the most significant and comprehensive change to state and local government financial reporting. Re-examination of GASB 34 became a top priority for GASB and was added to GASB’s slate of pre-agenda research activities in 2013. The project continues to remain a top priority for GASB and has culminated into two exposure drafts which were issued in 2020. Join us as we take a deep dive into the Exposure Draft; Recognition of Elements of Financial Statements and the Exposure Draft; Financial Reporting Model Improvements to discuss key changes being proposed and how those changes might impact your organization or client.

Learning Objectives:

• Identify the proposed changes in state and local government financial reporting
• Assess the most significant implementation challenges
• Evaluate any alternatives available to implement or influence the future of governmental reporting