Overview
Governmental accounting and auditing has many unique requirements. In this course, we will start off with a look at the recent changes in accounting as GASB has been very busy issuing standards impacting state and local governments. We will take a deeper dive into GASB 87, Leases by reviewing the impact for both lessees and lessors. We will also cover other standards effective this year impacting state and local governments including the recently renamed annual comprehensive financial report and reference rate reform. As we turn our attention to the auditing side of the house, we will look at the 2021 Technical Update and review the 2018 Yellow Book independence requirements. The course closes with a look at the Uniform Guidance including changes in the new compliance supplement as well as the impact of ARPA
Prerequisites
Prior experience with accounting or auditing of governmental entities
Objectives
- Recall changes to lease accounting
- Identify GASB standards effective this year
- Describe independence rules under Yellow Book
- Describe the impact of COVID19 on Single Audits
Highlights
- Leases
- 2018 Yellow Book
- Uniform Guidance
