The Ins and the Outs - GASB's Proposed Changes to Revenue and Expense Recognition
Recorded On: 06/23/2020
When GASB issued Statement No. 33, Accounting and Financial Reporting for Nonexchange Transactions, it required the reporting of taxes, grants, fees, and fines with an economic resources measurement focus. However, different interpretations and application of these principles by governments have led to inconsistencies in financial reporting. In the near future, the GASB plans to issue a preliminary views due process document proposing a very different model for classifying and recognizing inflows and outflows of resources. This document is expected to have a profound effect on government accounting and financial reporting. Speakers in this session will preview proposed changes and prepare GFOA members to provide feedback to GASB on these fundamental changes.
Supervising Project Manager, Governmental Accounting Standards Board
Paulina Haro is a supervising project manager with the Governmental Accounting Standards Board in Norwalk, Connecticut. Her current project assignments include Revenue and Expense Recognition and Electronic Financial Reporting. She contributed to the development of Statements on Fair Value Measurement (72), Blending Requirements (80) and Irrevocable Split Interest Agreements (81).
Before joining the GASB staff in 2014, Paulina worked as Financial Analyst, Cash Manager and subsequently as Treasurer for the City of Fayetteville, North Carolina, and CIP Fiscal Manager for the City of Raleigh.
Paulina received a Bachelor Degree in Business Administration–Accounting with Summa Cum Laude honors from Campbell University. She also holds a Masters in Business Administration from the University of North Carolina, Chapel Hill, and is licensed as a Certified Public Accountant in the State of North Carolina.
Senior Finance Manager, University of Minnesota
Terri has approximately 17 years of professional experience in higher education, specifically in financial reporting. At the University of Minnesota, she is part of a team that works on the University’s financial statement audit where she interfaces with external auditors and other professionals that play a key part in a successful audit. She has expertise in leading implementations and application and is currently serving on the GASB Taskforce on Revenue and Expense Recognition.