How Governmental Accounting Standards Board (GASB) prepared financial statements differ

View our guest speaker Cristina McCormack’s video sharing information about the Leepa Rattner Museum of Art (LRMA) and how Governmental Accounting Standards Board (GASB) prepared financial statements differ from financial statements prepared under Financial Accounting Standards Board (FASB). See 2016 Annual Report linked to above. In addition read about upcoming changes to our revenue recognition standard on the top of page 121 of our text titled “Coming Soon” which is part of the convergence initiative with International Accounting Standards Board (IASB).

Cristina McCormack’s Presentation

Research and reflect on the

similarities/differences between these standards and share what your have

learned from your research/reflection. If you have visited the LRMA please also

share with your peers what you have learned from this experience and how it

relates to learning about their financial statements

Answer preview to how Governmental Accounting Standards Board (GASB) prepared financial statements differ

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