UPDATED: Register Now for FASAB Annual Update on April 18

Sign up for free CPE by April 13th at FASAB.gov/pre-registration!

On Monday, April 18, 2016, the Federal Accounting Standards Advisory Board will hold its 2016 Annual Update at the General Services Administration Auditorium, 1800 F Street NW, Washington DC. The update is provided free of charge to Federal employees. and attendees will receive 4 CPE credit hours. Due to building access requirements, this event is limited to federal employees. (Another session will be provided for the vendor community at a later date.)

Session topics include:

  • Reporting Model
  • Lease Accounting
  • Reporting on Land
  • Insurance Program Accounting
  • Reconciling Budget and Accrual Information
  • Tax Expenditures
  • Opening Balance Guidance

Register by April 13th at FASAB.gov. From the drop down menu, select “Conference” and complete the required fields. There is no charge. Space is limited so please register earlier as we may close registration before April 13th.

The Government Accountability Office is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org

See the FASAB announcement here.

3/30/16 Update: Agenda Released

1800 F Street NW, Auditorium – 1st Floor, Washington, DC 20405

8:30 – 8:40 AM Introduction Wendy Payne, Executive Director
8:40 – 9:20 AM Reporting Model Ross Simms, Assistant Director
Participants will learn about the Board’s project to better meet the information needs of government-wide and component entity financial report users.  The Board is currently developing concepts that consider the content and presentation of information and how it relates to other sources; the availability and impact of electronic data and systems on financial reporting; financial reporting objectives specific to the government-wide and component reporting entities; and reporting for budgetary, cost, and performance information.  Participants will gain insights on the possible impact on future financial reporting standards.
9:20 – 10:10 AM Leases Wendy Payne, Executive Director
Participants will learn about the tentative FASAB revisions and issues of the Lease project, including the goal of lease accounting and reporting, task force participation in developing the Exposure Draft, and Board deliberations.  Attendees will also learn about some of the similarities and the differences between the FASAB tentative decisions and those of GASB, FASB, and IASB.
10:10 – 10:25 BREAK
10:25 – 10:45                  Insurance Programs Robin Gilliam, Assistant Director
Participants will learn about phase I of the risk assumed project–insurance programs, and the proposed requirements. We will review the changes proposed as a result of the task force and Board evaluation of risk assumed by such programs. The different types of federal insurance programs and how the proposal may affect their financial reporting. Attendees will also learn about the milestones for phase I and future phases of risk assumed.
10:45 – 11:35 Opening Balances and Land
DoD Implementation Guidance Request:   Melissa Batchelor, Assistant Director
Participants will learn about sources of guidance. They will obtain a deeper understanding of the GAAP hierarchy while hearing about the staff efforts to respond to a Department of Defense request for guidance.Land:  Domenic Savini, Assistant Director
Participants will learn about a new project to consider options for reporting on land. The current standards will be summarized and research areas identified.
11:35 – 12:00 Reconciling Budget and Accrual Information Grace Wu, Project Manager
A new project to consider improvements to the component reporting entity disclosure identifying differences between budget and accrual information began in early 2016. Participants will learn what options are being considered and how the task force is evaluating options.
12:00 – 12:15 Tax Expenditures and Wrap Up Wendy Payne, Executive Director
Participants will learn what tax expenditures are and what the goals are for the latest Board project.