AccountingNet Launches Online Education for GASB's New Financial Reporting Model.SEATTLE--(BUSINESS WIRE)--Nov. 16, 1999-- Web-Based Course Prepares Financial Professionals for Critical Policy Change by Governmental Accounting Standards Board The Governmental Accounting Standards Board (GASB) is currently the source of generally accepted accounting principles (GAAP) used by State and Local governments in the United States of America. AccountingNet (www.accountingnet.com), the complete online resource for accounting professionals, today announced the addition of a Web-based Continuing Professional Education (CPE (Customer Premises Equipment) Communications equipment that resides on the customer's premises. CPE - Customer Premises Equipment ) course that covers crucial changes in state and local government financial reporting. Governmental Accounting Standards Board (GASB GASB Governmental Accounting Standards Board ) Statement No. 34, Basic Financial Statements -- and Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial -- for State and Local Governments, will require state and local governments' financial reports to now look more like those of private businesses. The significance of these changes is great, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. industry experts. "GASB Statement No. 34 represents one of the most significant changes in the history of governmental accounting Governmental accounting is an umbrella term which refers to the various accounting systems used by various public sector entities. In the United States, for instance, there are three levels of government which follow different accounting standards set forth by independent, private ," said Derek Doke, co-founder of AccountingNet. "It is critical for accounting and finance professionals to gain inside knowledge of this new standard and how it will affect their practices and clients." AccountingNet's online course offers a new, convenient and comprehensive means for accounting and finance professionals to become fully informed about GASB Statement No. 34 before the new standards take effect June 15, 2001. Due to the consequential con·se·quen·tial adj. 1. Following as an effect, result, or conclusion; consequent. 2. Having important consequences; significant: affects of GASB Statement No. 34, it will be critical for government accountants, along with accountants involved in government business, to be educated long before this date. "As finance professionals, we are pleased and excited that AccountingNet is offering this introductory course online," said Rita Hood, executive director of AGN AGN Again (Amateur Radio) AGN Active Galactic Nucleus AGN Acute Glomerulonephritis AGN Accountants Global Network AGN Air Gabon (ICAO code) International, a global network of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . "Once again, AccountingNet is leading the industry in providing information and resources for the accounting profession." Co-created by Michael Granof, PH.D., CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. , professor of accounting at the University of Texas, Austin and Barbara Apostolou, PH.D., CPA, the online course will provide an overview of the GASB Statement No. 34 standards, as well as the pronouncement's implications for accountants and accounting practices. Granof (who is featured in this Hot Talk on the AccountingNet site) is an Ernst & Young Distinguished Centennial Professor of Accounting. Apostolou is a professor of accounting at Louisiana State University Louisiana State University and Agricultural and Mechanical College, generally known as Louisiana State University or LSU, is a public, coeducational university located in Baton Rouge, Louisiana and the main campus of the Louisiana State University System. where she holds the Arthur Andersen For the U.S. Supreme Court case commonly known as Arthur Andersen, see . Arthur Andersen LLP, based in Chicago, was once one of the "Big Five" accounting firms (the other four are PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG), performing Distinguished Professorship and the Marjory B. Ourso Excellence in Teaching Professorship. The new GASB Statement No. 34 standard will begin to take effect for larger governments ($100 million plus in revenues) in fiscal years beginning after June 15, 2001. Medium-sized governments (between $10 and $100 million in revenue) have until fiscal years beginning after June 15, 2002, and smaller governments (less than $10 million in revenue) until fiscal years beginning after June 15, 2003. Under GASB Statement No. 34, financial reports will require that governments: -- Report on the overall state of the government's financial health rather than individual funds -- Provide the most complete information available regarding the cost of delivering services to their citizens, including information about the government's public infrastructure assets -- Prepare an introductory narrative section analyzing the government's financial performance In addition to the text-only class that is currently available, AccountingNet will soon launch a multi-media version that will provide an interactive, online learning experience for accountants. Availability To review AccountingNet GASB Statement No. 34 classes, visit www.accountingnet.com/cpe. To find out more about GASB and its implications, go to AccountingNet's GASB resource page (www.accountingnet.com/research/gasb), a one-stop-shop for news, education and resources highlighting the most significant change in the history of government accounting. About AccountingNet Solutions, Inc. AccountingNet(TM) (www.accountingnet.com) is the complete online resource for accounting professionals, servicing more than 200,000 accountant visits per month. With headquarters in Seattle, the company provides online news, research and educational materials for accountants and develops turnkey Internet solutions for more than 30 CPA associations. The AccountingNet network of sites includes Accounting and Finance Jobs(TM) (www.accountingjobs.com), CPA Link(TM) (www.cpalink.com), Accounting Students(TM) (www.accountingstudents.com), and Digital Springs, Inc. (www.digitalsprings.com). AccountingNet is headquartered at 600 Stewart Street, Suite 820 - Seattle, WA 98101, and can be reached by phone at 800/724-4696 or 206/441-8285. |
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