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).
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.