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DESCRIPTION:Downstate Chapter Southwestern Region presentsIMPROVING YOUR AU
 DIT 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 smoo
 th.\nLearning Objectives - Participants completing this session will be ab
 le to:1. Understand the purpose and scope of an annual audit2. Plan and pr
 epare for a year end audit3. Identify and avoid potential issues or delays
  in the year end process\nGASB 87\, LEASES  - In June of 2017 the Governme
 ntal 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 fina
 ncings in which a lessee receives the right to use an underlying asset\, a
 nd 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 b
 eginning after December 15\, 2019 with earlier application is encouraged. 
 This session will take a look at the various requirements under the new le
 ase standard and its impact on governments’ financial accounting and repor
 ting.\nLearning Objectives - Participants completing this session will be 
 able to:1. Define what a lease is under the new standard2. Understand the 
 impact the new lease standard will have on governments’ financial accounti
 ng and reporting3. Understand how governments’ existing leases will be han
 dled under the new standard\nSpeakers: Chad A. Lucas\, CPA\, Partner\, CPA
  Services | Sikich\, LLPMegan D. Cochran\, CPA\, Director\, CPA Services |
  Sikich\, LLP\nIntended Audience: Finance ProfessionalsDelivery Method: Gr
 oup-LiveProgram Level: OverviewPrerequisites: No prerequisites requiredAdv
 anced Preparation: No advanced preparation requiredField of Study:  Accoun
 ting (Governmental) - Technical and Auditing (Governmental) - TechnicalEar
 n About 1.5 CPE creditAgenda11:30 AM – Check-in11:40 AM – Lunch12:00 PM – 
 Presentation1:15 PM - Q & A
DTEND:20190503T140000
DTSTAMP:20260425T232317
DTSTART:20190503T113000
LOCATION:OFallon Fire Headquarters\, 1215 Taylor Road\, OFallon\, IL 62269
SEQUENCE:0
SUMMARY:Improving Audit Process and GASB 87 Leases
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