Fundamentals of Governmental Accounting and Reporting

Overview

All about governmental accounting

Learn the fundamentals

Understand the purpose of governmental accounting -analyzing, recording, summarizing, reporting, and interpreting the financial transactions of governments - and how it differs from accounting for the for-profit sector.

Accountability

Learn how governments use budgets to show that they spent resources only for purposes approved by our elected officials.

Learn how governments use fund financial reports to report assets they hold that belong to others.

Details

Learn details about the construction and content of financial reports for governments of various sizes and level of services provided.

Understand how proprietary funds are used to account for a government's business-type activities.

Understand the relationship among the government environment and GAAP; budgeting; and measurement focus and basis of accounting.

Application

See how the tenets are applied using real-life examples of a comprehensive annual financial report, financial statements, and updates of recent Governmental Accounting Standards Board standards.

Highlights

Key Topics

• The governmental environment and GAAP
• Fund accounting and the financial reporting model
• Budgeting
• Measurement focus and basis of accounting (MFBOA)
• Revenues and expenditures
• Governmental, proprietary, and fiduciary funds
• Government-wide financial statements
• Comprehensive annual financial report
• Special purpose governments
• Deferred outflows of resources and deferred inflows of resources

Designed For

Who Will Benefit

• Accounting and finance professionals working in the state and local government environment
• Auditors with state and local government clients who seek a refresher in fundamental governmental accounting and reporting concepts

Objectives

Learning Outcomes

• Identify unique aspects of the governmental environment.
• Identify the governmental fund types and fund categories.
• Apply the appropriate MFBOA to fund accounting and reporting.
• Determine how to classify, measure, and report governmental revenues and expenditures.
• Recognize the financial reporting structure used by governments.
• Distinguish the format and reporting requirements for government-wide financial statements.
• Recognize special purpose governments.
• Identify the impact of capital assets and long-term liabilities at the fund reporting level as well as government-wide financial statement level.