Avoiding Common Accounting Pitfalls: FASB Errors, Lessons Learned, and the Latest GASB Impacts on Higher Education

Rick Cole - Forvis Mazars
Nikki Kubly - Forvis Mazars

This session will focus on common errors and reminders in FASB accounting at colleges and universities. A specific focus will be on contributions and financial reporting. Case studies will be incorporated to get the errors discussed as part of the session with a desire for strong audience participation. Examples are based on observations in practice. GASB 103 and its impact on higher education, along with other GASB pronouncements, will be discussed.

Learning Objectives

1. Discuss common errors.
2. Articulate contribution requirements.
3. Understand financial reporting flexibility.
4. Understand GASB’s impact on higher education institutions.

CPE Available

• 1 Credit: Accounting