Accounting and Financial Reporting

GAAP Update FAQs

GFOA will offer its 2021 GAAP Update on November 4, 2021 with encore presentations on December 9, 2021, and again on January 13, 2022. Questions? View our list of frequently asked questions below.

When will this year's event begin?

The presentation will run from 1:00 pm to 5:00 pm Eastern Time on November 4, 2021 with an encore from 1:00 pm to 5:00 pm Eastern Time on December 9, 2021. A second encore will run from noon to 4:00 pm Eastern Time on January 13, 2022.

What topics will be covered in this year's program?

Key topics* that will be covered during this year’s session include:

New GASB pronouncements:

  • GASB Statement No. 98, Annual Comprehensive Financial Report (anticipated)
  • GASB Implementation Guide No. 2021-1, Implementation Guidance Update-2021

Updates on GASB projects on:

  • Compensated Absences
  • Accounting Changes and Error Corrections
  • Omnibus – 202X
  • Disclosure Framework

Special segment - Implementing GASB 87, Leases, first effective for fiscal years ending June 30, 2022

Update on new developments impacting audits of state and local governments, including implications of CARES Act and ARPA assistance

Common deficiencies seen in applications for GFOA’s Certificate of Achievement for Excellence in Financial Reporting

Current Implementations:

  • GASB Statement No. 89, Accounting for Interest Cost Incurred before the End of a Construction Period
  • GASB Statement No. 90, Majority Equity Interests
  • GASB Statement No. 92, Omnibus 2020
  • GASB Implementation Guide No. 2020-1, Implementation Guidance Update-2020

*Topics are subject to change

View the brochure for more detailed information.

How do I register?

Register for each offering with the following links:

If you are unable to register online, you can register with the registration form.

Are there any registration discounts?

Register by October 1, 2021, to take advantage of the early registration fee for the November 4 offering.
Register by November 5, 2021, to take advantage of the early registration fee for the December 9 encore.
Register by December 10, 2021, to take advantage of the early registration fee for the January 13, 2022, encore.

Is there a group registration option?

Yes, there is a group registration option. Use following forms for each offering:

Questions about large groups? Contact Barb Mollo.

What happens after I register?

You will receive a registration confirmation proceeded by four reminder e-mails from GFOA's Learning Management System (LMS), the platform where the event will be held. Please add the following emails to your Address Box to ensure the delivery of messages from GFOA e-Learning: elevate=learn.gfoa.org@mailgun.commpartners.com | elevate@learn.gfoa.org

What is GFOA's Learning Management System (LMS)?

Earlier this year, all digital education, which includes traditional one and two hour webinars, new multi-day courses, GAAP Update, and any other education that is accessed online was moved to the LMS. Click here to learn more.

How do I access the event?

As mentioned above, the GAAP Update will be held on the LMS. Click here for step-by-step instructions for accessing the LMS.

What web browser should I use to access the LMS?

The Learning Management System takes advantage of modern developments in web design and standards that Internet Explorer does not support. GFOA did not exclude it by choice. Click here to learn more.

What if I have technical problems the day of the event?

If you are experiencing technical difficulties, please e-mail gfoa@commpartners.com or call 1-800-274-9390 for support.

How will CPE credits be awarded?

There are 4 CPE credits available for participating in the GAAP Update. During the GAAP Update, a CPE verification code will be provided by the instructor to validate your attendance at the live session. After the program is completed, please return to the course landing page in GFOA’s LMS. You will see a verification component for this class. In the box to the right, you will need to enter the case sensitive word and hit the submit button. If you typed this code correctly, it will unlock your course evaluation to complete. Finishing this step will unlock your earned CPE credit. The verification code is not needed to enter and start the program and will be provided once the CPE credit has been earned.

If I'm watching in a group, how will CPE be awarded?

For those who are viewing in a group setting, our learning management system is an individual user based product. That means every attendee in your group will need to log into the system under their personal profile and complete their own attendance verification.

Can I watch an archive of the recording?

New this year included with your registration, participants will have access to the archived recording of the GAAP Update to review until February 28, 2021. Note: CPE credits will not be earned from viewing the recording.