Key Trends in Governmental Accounting Today

Overview

Calvin Harris, CEO of the New York State Society of CPAs, speaks with Joel Black, Chair of the Governmental Accounting Standards Board (GASB), about current priorities in governmental accounting and financial reporting. Black discusses how GASB is responding to stakeholder needs while considering resource constraints, and shares insights on the Board’s ongoing efforts to improve standards, transparency, and engagement with governments, auditors, and financial statement users.

Highlights

Objectives

• Identify key GASB initiatives aimed at improving governmental financial reporting while addressing resource and workforce constraints.
• Recognize major technical agenda projects, including infrastructure assets, severe financial stress disclosures, and revenue and expense recognition efforts.
• Distinguish between exchange and nonexchange transaction categories and how GASB's proposed guidance may affect recognition models.
• Indicate how stakeholder engagement tools, digital reporting taxonomy development, and disclosure research support transparency and user-focused reporting.

Preparation

Work experience in tax planning or tax compliance, or an introductory course in taxation.