[Wannafree]

On March 20, 2017, the Governmental Accounting Standards Board (GASB) issued Statement No. 85, Omnibus 2017. The omnibus provides guidance on and clarification of a wide range of accounting and financial reporting issues related to the implementation and application of earlier GASB pronouncements.

The standard addresses the following topics:

Blending a component unit when the primary government is a business-type activity that reports in a single column for financial statement presentation
Reporting amounts previously reported as goodwill and “negative” goodwill
Classifying real estate held by insurance entities
Measuring certain money-market investments and participating interest-earning investment contracts at amortized cost
Timing of the measurement of pension or OPEB (other postemployment benefits) liabilities and expenditures recognized in financial statements prepared using the current financial resources measurement focus
Recognizing on-behalf payments for pensions or OPEB in employer financial statements
Presenting payroll-related measures in required supplementary information for purposes of reporting by OPEB plans and employers that provide OPEB
Classifying employer-paid member contributions for OPEB
Simplifying certain aspects of the alternative measurement method for OPEB
Accounting and financial reporting for OPEB provided through certain multiple-employer defined benefit OPEB plans
The requirements in GASB No. 85 take effect for reporting periods beginning after June 15, 2017, and will be testable on the CPA Exam in the first testing window beginning six months after the pronouncement’s issuance date, or October 1, 2017.

It’s important to be aware of issuance that could impact how you answer the questions on the CPA Exam within that topic.

WannaB

[jeff]

The AICPA highlights pronouncements to the review providers and when they will be testable.

For what it's worth, GASB 85 isn't one of them.

It looks pretty nuanced from the summary you posted … probably too in-the-weeds for CPA Exam purposes.

Technically, it's testable…would I personally invest time and study it? No.

AUD - 79
BEC - 80
FAR - 76
REG - 92

Jeff Elliott, CPA (KS)
NINJA CPA | NINJA CMA | NINJA CPE | Another71

[Wannafree]

Thank you Jeff for valuable inputs and suggestions.

WannaB

[Earla Riopel (NYCARE)]

This reminds me on how I update my good old Wiley (the Classic version), until 2014.

Since then, so thankful to Jeff for all the updates since 2013.

Well, I will definitely going to look up GASB 85, after my Q4 FAR exam. By then, I'll be hearing it from Jeff, and our newer 2018 Ninja review materials will likely well updated.

Gentlemen, thank you for the heads up.

Right now, I'm spending 1 week with Ninja Plus, and some MCQs/SIMs.

Also, I would like to start listening to Ninja audios by next week, and at the same time, doing MCQs/SIMs.

I have 12 weeks for my 3 exams. This time, I'm (really) studying for these 3 sections.

AUD - 49
BEC - NINJA in Training
FAR - NINJA in Training
REG - 55

Passed: AUD (75%'08/77%'17), REG (76%'09) & BLaw(77%'99); highest on FAR (63%'11/'15) & BEC (63%'11). Credit Hours: USA(PH)-BCom'85(4yr-grandfathered); UBC-(DAP'02/'19); DC-(BBA-Acctg.'22-4th yr)=over 150 hrs credits

[Author]

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