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Governmental Special Purpose Reporting  

CATEGORY: Accounting & Auditing
Online & Mobile, Download
8 CPE Credits

GASB research indicates that while over 21,000 units of state and local government are using GAAP financial accounting and reporting standards, the remaining 10,000 units surveyed are not using GAAP. In addition, another 58,000 smaller units were not included in this survey and it is not clear how many of these governments follow GAAP. In 2012, the AICPA issued new clarified audit standards that revised the terminology for non-GAAP reporting from Other Comprehensive Basis of Accounting (OCBOA) to special purpose framework to update the guidance for auditors engaged to provide attest services for non-GAAP entities. This program provides an overview of the different special purpose framework reporting methods, as well the format and content of external financial reporting for governments issuing special purpose framework financial statements. It continues with a discussion of the governmental annual financial report as a communication tool and provides preparers with helpful guidance to effectively present the information they want to communicate to the different user groups with the report. The program closes by examining some of the guidance that is applicable for auditor responsibilities with respect to clients following special purpose framework accounting and reporting.

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