118th Annual Conference Sessions: Accounting and Financial Reporting
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Sessions for Sunday, June 9
Rethinking Financial Reporting
GFOA knows government finance professionals face substantial opportunity costs with their time. Time spent on general purpose external financial reports is time not spent on other forms of decision support and public engagement. With this in mind, GFOA is rethinking financial reporting. This research initiative will examine whether lengthy, technical financial reports published many months in arrears are the most effective way to build trust with constituents and if producing these reports is a good use of the finance officer’s time, particularly if they are not providing accountability to the public. Come to this session to learn more about the research and weigh in on the benefits of traditional financial reporting.
A is for Analysis: Using the MD&A to Tell the Story Behind the Numbers
Readers often flip first to the Management Discussion and Analysis (MD&A) for a succinct overview of the financial condition and key financial highlights. However, past studies have shown that the typical MD&A is written at a level that the average citizen would not be able to understand. This session will cover tips for developing a great MD&A and provide examples. Speakers will identify ways for finance professionals to improve their analysis and ability to communicate important information to readers while also meeting financial reporting standards.
Close But No Cigar: Common Errors Identified in GFOA's Award Program
Overall, GFOA members strive to meet a high standard for comprehensive and timely financial reporting - and do exceptionally well. GFOA's award programs recognize almost 5,000 different governments for their achievements. However, no one is perfect and GFOA tracks common deficiencies that are noted in the annual comprehensive financial reports submitted to the Certificate of Achievement (CoA) program. This session will highlight common areas for improvement, criteria with higher rates of nonconformance, and "asterisk" items that may prevent an organization from receiving their award.
Sessions for Monday, June 10
Accounting and Auditing Year in Review
Each year, GFOA's Accounting and Auditing Year in Review provides conference attendees with an overview of changing standards and previews upcoming projects. During this perennial favorite, speakers will provide a comprehensive overview of the key developments in accounting, auditing, and financial reporting that affect state and local governments. Topics for this year include the new audit standards, GASB Statements 100 and 101, and upcoming implementations with related practice issues, as well as developments related to current GASB projects likely to affect preparers and auditors in the near future.
Paint by Number: Steps for Producing a High Quality PAFR
GFOA encourages governments to supplement their annual comprehensive financial reports (ACFR) with popular annual financial reports (PAFR) geared for audience who may not be familiar with generally accepted accounting standards, technical jargon, or the complexities of government finance. However, producing a good report that can effectively communicate with a broad audience is not an easy task and involves much more than adding colored charts, photos, and the ever popular "dollar bill image" to statistics pulled from the ACFR. In this session speakers will discuss strategies for deciding what to include, provide tips for translating and better communicating information from your ACFR, and show examples from high-quality PAFRs.
Not Getting Any Easier: Ongoing Difficulty with Reporting for Pensions and OPEB
Current accounting and financial reporting standards for pensions became effective for fiscal years beginning after June 15, 2014, and similar changes for other postemployment benefits followed three years later. Even now, many governments still struggle with accounting and reporting for postemployment benefits, given the large number and high complexity of estimates necessary to measure and explain these amounts. In this session, refresh your fundamental understanding of defined benefit pension and OPEB plans from presenters with relevant actuarial, accounting, and auditing expertise.
Changing Tides: Changes and Error Corrections in Financial Reports
Things change and mistakes happen. When this occurs, finance professionals need to be transparent and report the change. However different kinds of changes impact a government's financial statement reporting in different ways. This session will provide an overview of the accounting and reporting requirements for governments when there are changes to or within the reporting entity, changes in accounting principles, changes in estimates, and corrections of errors. Speakers will emphasize the new display requirements and clarify the requirements for prior periods reported in the Required Supplementary Information (RSI) and Supplementary Information (SI).
Sessions for Tuesday, June 11
Are We Done Yet? Recap from the Implementation of GASB 87, 94, and 96
To many in government finance, it can seem like there are always new accounting standards to implement. However, the last few years have been a whirlwind for most with implementation of new standards for leases, subscription-based information technology agreements (SBITAs) and public private partnerships (P3s). In this session speakers will leverage their experience with these recent implementations and highlight trends from GFOA’s Certificate of Achievement program to help ensure governments are correctly meeting the accounting and reporting requirements.
Update on the Financial Data Transparency Act
In 2022, legislation passed congress requiring public entities to utilize articulated data standards in financial and other information reported to stakeholders through the MSRB's Electronic Municipal Market Access (EMMA) platform. Come to this session to see where we are the process, what specific outreach is needed, and what you need to do to prepare.
Triple Digit Heat Wave: Forecast for 102 and 103
Triple digits here we come! GASB’s new guidance on risk and uncertainties disclosures requires governments to assess various vulnerabilities in the governmental environment. This session will provide details on concentrations and constraints, two key aspects of the guidance, and explore scenarios that may lead to a disclosure. This session will also update participants on the long anticipated financial reporting model project and share what made the final cut regarding changes to governmental funds, proprietary funds, management’s discussion and analysis and more!
Sessions for Wednesday, June 12
Touch All the Bases: Tips for Hitting Your 2024 Single Audit Out of the Park
The federal grants environment is complex, and finance staff often can't catch their breath with what seems to be constantly evolving requirements. This session will provide an overview of federal funding trends and key updates for the 2024 single audit environment. Discussion will include the new format of the data collection form and the 2024 Compliance Supplement. Speakers will provide strategies to assist governments in addressing common single audit challenges.
Relax and Reflect: An Overview and Panel Discussion on Liabilities for Compensated Absences
Vacation days, sick time, holidays, parental leave, and jury duty— all governments have dealt with compensated absences. New measurement requirements will impact how much liability to report, especially when there is no cash settlement involved. This session will explore the more common types of compensated absences and the factors that may cause them to be reported as a liability under the new GASB guidance. Speakers will highlight the proper accounting, financial reporting, and note disclosures for various types of compensated absence liabilities, discuss key changes from the prior guidance, and share tips for successful implementation.