View our guest speaker Cristina McCormack's video sharing information about the Leepa Rattner Museum of Art (LRMA) and how GASB (Governmental Accounting Standards Board) prepared financial statements differ from financial statements prepared under FASB (Financial Accounting Standards Board). See attached 2016 Annual Report below. 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 IASB (International Accounting Standards Board).

Click on this link to view her presentation: Guest Speaker Cristina McCormack View before completing your discussion assignment

Leepa-Rattner 2016 Financial Statements

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 Leepa Rattner Museum of Art (LRMA)please also share with your peers what you have learned from this experience and how it relates to learning about their financial statements. For example, Cameron (a student in our blended class) shared the following:

I got the opportunity to go on an exclusive tour of the vault of the Leepa Rattner Museum of Art with the museum's Curator Christine Carter and the museum's Preparator Larry Fineout . It was a very neat experience, as we got to see where they kept all of the paintings. I was very surprised how many paintings they actually have down there, from many artists from Picasso, Rattner, Leepa, and many more. Most of the Rattner paintings have a very interesting story. Some of them were recovered from Europe, as he had to leave some due the Holocaust, as he was Jewish. The way the others were discovered, I think, is the coolest part of the story. The bulk of Rattner's collection came from Allen Leepa, who kept his step-father's paintings on his property in Tarpon Springs. Allen Leepa stored his step-father's paintings (Rattner) in 6 large sheds where they weren't kept and placed in the best conditions. The amount of hard work and dedication to get these painting in the condition they are today is tremendous. Most of Abraham Rattners painting are quite valuable. One thing that I also find interesting is that Abraham Rattner kept very good financial records. In the museum vault, the have his financial records from the 30's and the 40's. They show all of his purchases and deposits. For anyone who hasn't been, I recommend that you do. It's free for all students, and its a pretty cool experience. It also has so much History.

Link for the Musuem is here

https://flauditor.gov/pages/nonprofit_forprofit%20rpts/2016%20leepa-rattner%20museum%20of%20art%20inc.pdf