Virtual Conference Accounting Sessions

Below are the current accounting sessions for GFOA's Virtual Conference.

Accounting and Auditing Year in Review

During this annual session, speakers will provide a comprehensive overview of the key developments in accounting, auditing, and financial reporting that affect state and local governments. Topics include recently promulgated standards 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.

Date and Time: July 12, 3 p.m. (Eastern)

Looking at Leases: Implementing GASB Statement No. 87

New accounting and financial reporting for leases is requiring a tremendous implementation effort, wherein governments must find and interpret a large number and wide array of agreements. Hear from those who have been on the forefront of endeavor on methods used and lessons learned.

Date and Time: July 13, 11 a.m. (Eastern)

Appointing the Ump: GFOA Best Practices For Selecting an Independent Auditor

GFOA recommends that governments receive an independent audit for financial statements and single audits. But how should you select and contract for this essential role. Many governments do choose their own independent auditors and in this session, speakers will explore GFOA's best practices for seeking, choosing, contracting and working with auditors to give taxpayers and other resource providers third-party assurance. In addition, speakers will provide recommendations on how you can best manage this relationship and control the required effort and costs of doing so.

Date and Time: July 14, 2 p.m. (Eastern)

Reap What You Sow: Financial Reporting for Defined Contribution Pension, OPEB, and Other Employee Benefit Plans

With the implementation of GASB Statements Nos. 84 and 97, governments will need to quickly make assessments about whether defined contribution pension and postemployment benefits other than pensions (OPEB) plans, including some IRS Section 457 plans, need to be included in their financial statements. This session will examine the process of determining whether 457 plans are defined benefit or defined contribution pension plans or other employee benefit plans, and how those determinations affecting their inclusion in or exclusion from a sponsoring government's fiduciary fund financial statements.

Date and Time: July 15, 11 a.m. (Eastern)

Year in Washington: 2021 GFOA Federal Update

The effects of the COVID-19 pandemic have been felt by communities throughout the country. The CARES Act and the American Rescue Plan Act of 2021 both provided $500 billion in funding to state and local governments for rescue and recovery. In this session, we will discuss lessons learned from the already-appropriated funds and discuss the potential for an infrastructure plan on the horizon for state and local governments. Additionally, staff from GFOA's Federal Liaison Center will review where we have been in the 116th congress and where the 117th will likely take us.

Date and Time: July 15, 11 a.m. (Eastern)

Achievers (not) Anonymous: Common Reporting Deficiencies for GFOA's Certificate of Achievement Program

This session will address common deficiencies noted in reviews of comprehensive annual financial reports submitted to GFOA's Certificate of Achievement (COA) program. Speakers will also emphasize asterisk items on GFOA's checklist that most frequently result in award denials.

Date and Time: July 16, 11 a.m. (Eastern)

Trustworthy: Implementing GASB Statement No. 84, Fiduciary Activities

New accounting and financial reporting for Fiduciary Activities has required governments to revisit virtually every preexisting fiduciary fund to determine if it meets the new, higher threshold for fiduciary activities established by GASB Statement No. 84 and related implementation guidance. In this session you will hear from those who have completed these determinations and those who audit them on lessons learned.

Date and Time: July 16, 2 p.m. (Eastern)

Where to Find Your LIBOR and What to do About It

When LIBOR ceases to exist, state and local governments need to be sure that their exposure to the reference rate is also gone. Where can you find your exposure? And when you find it, what should you do about it? This panel will discuss the tax and accounting methods to address eliminating LIBOR in your financial contracts and other places that LIBOR may currently be used.

Date and Time: July 19, 11:45 p.m. (Eastern)

Who CARES? Single Audit and Reporting Implications of the CARES Act and Other Federal Grants for COVID

While providing state and local governments with critical funding for COVID related expenditures and to offset revenue loss from the economic shutdown, the federal government has also created an evolving set of rules and regulations for recipients to follow. In this session, speakers will hopefully demystify available guidance on COVID-related grants to help you prepare financial statements, schedules of expenditures of federal assistance. Additionally, staff from GFOA will discuss our interaction with federal agencies and highlight several user tools available to better understand the requirements you may be facing.

Date and Time: July 20, 2 p.m. (Eastern)

In or Out? Understanding the Latest Guidance on the Finance Reporting Entity

Since the issuance of GASB Statement No. 14, The Financial Reporting Entity, approximately forty years ago, nineteen subsequent statements - up to and including GASB Statement No. 97 - have affected what legal entities compose a governmental financial reporting entity, and how each should be included. In this session speakers will explain the current authoritative guidance and share their practical experience about properly identifying and incorporating all kinds of component units (CUs), including fiduciary CUs and CUs with their own CUs into a primary government's financial reporting entity.

Date and Time: July 21, 2 p.m. (Eastern)