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GASB Standards Update

Course Category Audit

September 10, 2026

7:00 a.m.

Change

On-Site

This course will be delivered on-site in FSM National Government.

Registration is open to insular government professionals.

Course Description

The GASB Standards Update will provide participants with working knowledge of recently released standards of the Governmental Accounting Standards Board (GASB). Standards that will be addressed include financial reporting model improvements, including a detailed look at new guidance that has been provided to improve management’s discussion and analysis (MD&A) letter; disclosure requirements associated with capital assets held for resale and other capital asset disclosure requirements, and new guidance related to subsequent events (that is, those events that occur after the end of the fiscal year, but before the financial statements are available to be issued).

In addition, this session will bring participants up-to-speed on projects that currently are being deliberated by the Board or are being researched by the GASB staff. Those projects include infrastructure assets, going concern uncertainties and severe financial stress, revenue and expense recognition, voluntary digital financial reporting, and structure of standards (that is, original pronouncements versus Codification).

Finally, this session will devel into some of the more complex and unique features found in governmental accounting, including the application and explanation of deferred inflows and deferred outflows of financial resources, and demonstrate how to research governmental accounting issues.

What You Will Learn

Information needed to prepare a truly informative MD&A
Other important changes made to the financial reporting model, including budgetary comparisons, proprietary fund and business-type activities reporting, and major component unit presentations
Disclosure requirements for capital assets held for sale
How to identify recognized versus unrecognized subsequent events
Why deferred inflows and deferred outflows of financial resources are needed
How to use the Governmental Accounting Research System
Where the GASB will most likely be going next

Who Should Attend

This session is intended for anyone that has an interest in learning more about recently issued GASB standards and the future of governmental accounting.

NEXT SESSION

DAYS

HOURS

MINS

SECONDS

September 10, 2026

7:00 a.m. to 4:00 p.m.

Change

CPEs - 8 Credit Hours

On-Site, FSM National Government

TBD, FSM National Government

Panelists

Frank Crawford

Oklahoma City, Oklahoma

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".

David Bean

Springfield, Illinois

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), David served as the GASB director of research and technical activities for over 30 years.

Photo Gallery

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.