Improving Audit Process and GASB 87 Leases

Presented by the Downstate chapter

Downstate chapter

Friday, May 3, 2019, 11:30 AM–2:00 PM

Location

OFallon Fire Headquarters
1215 Taylor Road
OFallonIL 62269

Map and directions

  • Members $ 10.00 Before May 2, 2019 Members $ 10.00
  • Government / Partner Colleagues $ 10.00 Before May 2, 2019 Government / Partner Colleagues $ 10.00
  • Non-members $ 15.00 Before May 2, 2019 Non-members $ 15.00

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Description

Downstate Chapter Southwestern Region presents

IMPROVING YOUR AUDIT PROCESS - This session will discuss the different phases in the audit process and how local governments can prepare for each step in the process.  The session will include recommendations to make the audit process smooth.

Learning Objectives - Participants completing this session will be able to:
1. Understand the purpose and scope of an annual audit
2. Plan and prepare for a year end audit
3. Identify and avoid potential issues or delays in the year end process

GASB 87, LEASES In June of 2017 the Governmental Accounting Standards Board (GASB) issued Statement No. 87, Leases to improve accounting and financial reporting for leases by governments. The guidance in this Statement is based on the principal that leases are financings in which a lessee receives the right to use an underlying asset, and in exchange, promises to make payments over the time for the right to use that underlying asset. On the other hand, a lessor receives payments over time for transferring the right to the underlying asset to the lessee. The requirements of this Statement are effective for reporting periods beginning after December 15, 2019 with earlier application is encouraged. This session will take a look at the various requirements under the new lease standard and its impact on governments’ financial accounting and reporting.

Learning Objectives - Participants completing this session will be able to:
1. Define what a lease is under the new standard
2. Understand the impact the new lease standard will have on governments’ financial accounting and reporting
3. Understand how governments’ existing leases will be handled under the new standard

Speakers: 
Chad A. Lucas, CPA, Partner, CPA Services | Sikich, LLP
Megan D. Cochran, CPA, Director, CPA Services | Sikich, LLP

Intended Audience: Finance Professionals
Delivery Method:
 
Group-Live
Program Level: Overview
Prerequisites: 
No prerequisites required
Advanced Preparation: 
No advanced preparation required
Field of Study:  
Accounting (Governmental) - Technical and Auditing (Governmental) - Technical
Earn About 1.5 CPE credit

Agenda
11:30 AM – Check-in
11:40 AM – Lunch
12:00 PM – Presentation
1:15 PM
Q & A

CPE hours: 1.50

For more information

Sandy Evans
sevans@ofallon.org

Registration and cancellation policy

Registrations are accepted on a first-in, first registered basis. Payments by check should be mailed in advance or made at time of registration by credit card. 

Cancellation of an event registration is subject to the following policy:
• No refunds will be given for cancellations the day of the event and no shows.
• For IGFOA event registration cancellations five (5) business days or more prior to an event, refunds will be offset by a $20 cancellation fee. 
• For IGFOA event registration cancellations within five (5) business days of the training, refunds will be offset by a cancellation fee of 50% of the registration fee.
• A substitute attendee may be designated provided that the payment has been made and the IGFOA office has been notified in advance.
• Cancellation policy for chapter events may differ from this policy at the chapters’ discretion. 
• A written request for a refund must be emailed to the IGFOA prior to the event.

By submitting this registration, the applicant agrees to the registration and cancellation policy above.

IGFOA reserves the right to modify the agenda and/or speakers, cancel the training due to low enrollment, or to close registration if full.   Should IGFOA cancel an event, cancellation notice will be sent to the email address provided by each registrant and prominently posted at the IGFOA website page announcing the event.

If you have questions about your membership, contact IGFOA at 630-942-6587. The IGFOA reserves the right to apply the non-member fee to any individual or government that has not paid dues for the current year.

Approved by the National Registry of CPE Sponsors

CPE RegistryIllinois Government Finance Officers Association is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State Boards of Accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

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