GAE2220. GASB Statement No. 33 Refresher and its impact on Pandemic Relief

GASB Stmt 33 has been out almost 25 years, but it is a standard that many still struggle with applying. Given the significant pandemic relief funding that has been distributed in the last few years, this standard has again raised everyone’s eyebrows. Come to debunk all the myths and rumors about the application of this standard and how it applies in the context of various pandemic funding streams we’ve recently seen.

Learning Objectives:

• Identify the classes of nonexchange transactions and the differing recognition criteria
• Differentiate between time requirements and purpose restrictions and the impact each has on revenue recognition
• Apply the concepts under GASB 33 to various streams of pandemic funding to determine appropriate revenue recognition