This course will be delivered on-site in US Virgin Islands.
Registration is open to insular government professionals.
Note this course requires one total day of classroom training on June 20 and June 23, with each day going from 9 am to 1 pm. All other days (June 21 and 22) are reserved for individual agency meeting times. We are taking questions in advance and invite you to submit questions ahead of time to [email protected].
Several new GASB accounting standards have recently became effective that alter the historical landscape of how lease accounting has always been performed (GASBs 87 and 96). In addition, a new GASB accounting standard has also been issued related to the accounting and financial reporting of public-private and public-public partnerships (GASB 94). GASB 87 not only does away with the methodology of previous accounting for leases, but also introduces new concepts for what a lease is, and even more importantly what is not a lease, and also provides new guidance on how to determine the true “term” of a lease for accounting and financial reporting purposes. In addition, the recognition of an intangible capital asset will now be required for most, if not all leases, along with the recognition of a lease obligation. accounting and financial reporting for lessors is also included, introducing the new concept of a deferred inflow of resources for the lessor. Regardless of whether you are the lessee or the lessor in the lease transactions, the guidance in this standard will affect you. In addition, GASB 96 is basically the lease standard for Subscription-Based Information Technology Arrangements, and although similar to GASB 87, there are some unique differences that we will address. As mentioned above, GASB 94, commonly referred to as the P3 standard, is relatively “lease-like” but contains enough differences from a true leasing arrangement that the GASB felt it important to carve out the issues related to these such agreements. Lastly, we will address audit issues that are being raised by the implementation of these standards. By the end of this course, you may be very tired of hearing the word “leases”, but you will leave the course with a fresh understanding of the implementation efforts needed to implement these new standards successfully.
After successful completion of this course, participants will be able to:
Both new and veteran accountants and auditors of governmental entities, agencies, autonomous organizations, or of any entity that follows GASB accounting standards in the external financial statement reporting. Primarily, we are looking for accountants who will be responsible for the accounting of leases and similar arrangements and auditors who will be responsible for auditing whether that accounting has been done correctly.
For all on-site training in the insular areas, the Graduate School USA's Pacific and Virgin Islands Training Initiatives (PITI-VITI) works closely with local training hosts to ensure that participants, instructors, and training support staff enjoy a safe learning experience. Please note the following:
With funding support from the United States Department of the Interior, Office of Insular Affairs, courses are available free of charge for government accountability professionals within the insular areas. The course fee is waived and there is no cost to register and attend, Professionals who do not meet the above criteria, please contact [email protected].
(11:00 p.m. to 3:00 a.m.)
Day 1- June 20, 2023
Day 2- June 23, 2023
CPEs - 8 Credit Hours
On-Site, US Virgin Islands
13D INNOVATION CENTER AND CENTER FOR STUDENT SUCCESS (Formerly Known as West Bay) 2 John Brewers Bay, St. Thomas, VI 00802-9990, US Virgin Islands
David R. Bean, CPA, is the chief executive officer of Governmental Accounting Research, LLC, a consulting and training firm dedicated to public sector accounting and financial reporting activities. Prior to his retirement from the Governmental Accounting Standards Board (GASB) in 2021, David served as the GASB director of research and technical activities over 30 years.
>> Read More
Oklahoma City, OK
Frank Crawford is President of Crawford & Associates, P.C., Certified Public Accountants, an accounting firm located in Oklahoma City, OK. He is currently the Chairman in the Oklahoma Society of CPAs Government Accounting and Auditing Committee (19 years) and has also been involved in a number of other AICPA committees and task forces. Frank was also recognized as a recipient of the Graduate School's "2010 Instructor Excellence Award".>> Read More
Oklahoma City, OK
Chris Pembrook, MBA, CGAP, CPA, CRFAC is a Shareholder at Crawford & Associates, P.C., in Oklahoma City. Prior to joining the firm, he served as the Chief Financial Officer of the Oklahoma Police Pension & Retirement System and the Deputy Director of the Local Government & Special Services Division of the Oklahoma State Auditor & Inspector’s Office. He is currently serving as a committee member of the AICPA State and Local Government Expert Panel and the Oklahoma Society of CPA's Government Accounting & Auditing Committee. He also was selected to serve on the joint COSO-ACFE Task Force for the development of the group’s Fraud Risk Management Guide.>> Read More
Photos from recent activities hosted by the Pacific and Virgin Islands Training Initiatives (PITI-VITI) in support of conferences, training and leadership development, are available below.