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MERLOT II

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Peer Review


GASB 2012 Update

by Eric S. Berman, MSA, CPA, CGMA
 

Ratings

Overall Rating:

4.75 stars
Content Quality: 4.75 stars
Effectiveness: 4.75 stars
Ease of Use: 4.5 stars
Reviewed: Mar 25, 2013 by Business Editorial Board
Overview: This 209 slide presentation (saved as a pdf file) provides an update for the following GASB statements:

1) GASB 60 - Service concession agreements
2) GAS 61 - Component unit guidance
3) GASB 62 - Codification
4) GASB 63 - Inflows/Outflows and Net Position
5) GASB 64 - Derivatives technical changes
6) GASB 65 - Deferred Inflows & Outflows
7) GASB 66 - Technical changes.

Other topics addressed include: economic condition reporting, the exposure draft on combinations, and progress being made regarding defined benefit plans.

Learning Goals: The purpose of the presentation is to:
1) Summarize recent GASB standards as well as provide applications and examples.
2) Provide preliminary views regarding economic condition reporting.
3) Provide insights to forthcoming GASB projects.
Target Student Population: College upper division, graduate school, accounting professionals.
Prerequisite Knowledge or Skills: Some knowledge of governmental accounting.
Type of Material: Presentation
Recommended Uses: To supplement in-class lecture, or use as a homework assignment or professional presentation for governmental accountants.
Technical Requirements: Browser, access to Adobe viewer

Evaluation and Observation

Content Quality

Rating: 4.75 stars
Strengths:
  • Content is relevant and accurate as of May 2012 for anyone desiring updated knowledge of the GASB pronouncements.
  • Good clarity of explanation on difficult matters (deferred outflows and inflows) by including the cited paragraph in the standard for further reference and study (Slides 82-95 for example).
  • Good use of symbols to clarify the importance of using proper terminology for the words deferred and unearned (slide 98).
  • In the slides on economic condition reporting (begins slides 109-136) is a discussion of the nature of federal spending along with relationship to various state data. This section should be highlighted as an addition to the GASB material, as much data is included from various sources related to the unsustainable federal spending situation that could be useful, but may be hidden within the mass of GASB detail.
  • Nice use of timelines to explain the pending pension treatment (slides 163-165).
  • Concepts are summarized well and good examples or cases have been included to illustrate the application of the new standards. How the new pronouncements supersede or amend earlier pronouncements is included.
  • Concerns:
  • GASB 66 discussion attempts to show the amended corrections but the slides are not specific as to whether it was amended to the earlier provisions or standards that were referenced (Slide 105 and 106).
  • The discussion on pensions, at the time was pending. The creator did a nice job of updating what was available.
  • Subsequent users may need to review the materials made available from GASB to be certain information provided totally accurate.
  • Some slides containing financial data are hard to read due to the small print in the illustrations.
  • The presentation is too long to be viewed in just one session.

  • Potential Effectiveness as a Teaching Tool

    Rating: 4.75 stars
    Strengths:
  • Objectives have been included. The module is beneficial for learning in that it contains relevant information applicable to teaching and learning.
  • Concepts are reinforced progressively building on prior concepts.
  • The presentation addresses some complex topics and provides good examples that instructors can use in class to link theory to practice. In addition, the cases and examples lend themselves to the development of assignments for in-class use.
  • Implementation dates on slides 3-6 make this document very helpful in future periods, as it defines the time frame irrespective of when a viewer uses this.
  • The journal entries for the case on slide 25 are an excellent.
  • The flowchart included to explain GASB60 on slides 30-32 is well done and continues the picture’s worth a 1000 words theme on slide 41. This information is technical and the integration occurs at appropriate places in the presentation.
  • Concerns:
  • The series of case numbers on slide 21 is somewhat confusing (probably the result of trying to include too much information on the slide).
  • Slide 26 makes reference to paragraph 4 without mentioning the statement number. The reference should be to GASB Statement 60 paragraph 4.
  • The answers to Case 2 and the examples on slides 43-49 have not been included, and it would be nice to have them, even if only at the end of the presentation.
  • Given the entire slide presentation is 209 slides, its length it too long to maintain the average college student's attention for the time required to learn all of the content.

  • Ease of Use for Both Students and Faculty

    Rating: 4.5 stars
    Strengths:
  • The presentation is easy to use.
  • The module can be used in many ways.
  • Visual appeal is moderate. However, some individuals will find the peach background easy on the eyes.
  • No instructions are necessary.
  • Creative inclusion of the graphics of the covers of the GASB statements (example, slide 7 and 33); These make for effective transitions in the material.
  • Concerns:
  • Slide 37 contains a reference to "legal" judgment when it should be professional judgment.
  • Some items are overwritten by the insertions or shading used in the original Powerpoint.
  • The presentation is not interactive. Users have to read every slides. Most slides are black text on a peach background.
  • Few graphics have been included.
  • While the module contains a great deal of relevant information, at times, it is difficult to read.

  • Other Issues and Comments:
  • As a reference material, the presentation is most useful in helping faculty remain current. The presentation contains very comprehensive coverage of difficult and technical accounting material.
  • Very professional work to keep other professionals up-to-date.
  • Nice integration of visuals and highlighted clarifications to draw the readers’ attention to things like drafts, and cautions.
  •