CPAR GOV - Accounting & Financial Reporting  |  Format: Flash

Time for a New Approach to Revenue and Expense Recognition

Course Overview
As business entities adopt new rules about the nature, amount, timing and uncertainty of revenue from contracts with customers, the Governmental Accounting Standards Board is developing a comprehensive model for revenue and expense recognition for state and local governments. According to Warren Ruppel, a partner in the firm of Marks Paneth LLP as well as the author of Wiley�s GAAP for Governments, GASB wants to create a stronger accounting framework to address various types of transactions, including some for which there is currently no guidance.

Learning Objectives
Upon successful completion of this segment, you should be able to:

  • Identify the major elements of the GASB revenue and expense recognition project;
  • Recognize the issues involved in implementing the GASB lease accounting standard;
  • Identify the key provisions of the Tax Cuts and Jobs Act that impact state and local governments; and
  • Recognize the implications of GASB�s project on accounting and financial reporting for capitalization of interest costs.

    Catalog Number: CPAR1327-FM
    CPE Credits: 2 Registry / 2 QAS
    Author: CPAR Government/Not-For-Profit
    Advanced Preparation:
    Work experience in government accounting or auditing, or an introductory course in government auditing
    Course Level: Update
    Field of Study: Accounting - Governmental
    Content Partner: CPAR Government/Not-For-Profit
    QAS: QAS Certified based on 50 minute hours.
    Course Type: Self-Study
    Minimum Passing Grade: 70%
      You are allowed 2 attempts to pass the final exam in a 30 day period. You will be locked out of the final for 30 days after any second failure.
    Soft/Hardware Reqs.:  Adobe Acrobat® Reader for the .pdf files
     Adobe® Flash® Player 9 or higher
     56k or Greater Internet Connection
     Modern DHTML Compatible Browser
     Ram: 256 MB minimum
     Sound card with speakers/headphones
     Windows or Mac OS
    Release/Expiration Dates: May 25, 2018 / Jul 06, 2020