Governmental Accounting ON DEMAND

Overview

Navigating the world of governmental accounting can be daunting for professionals accustomed to the practices of for-profit accounting. Government entities operate under a distinct set of accounting standards that differ significantly from the private sector, encompassing unique elements like fund accounting, the modified accrual basis, and specialized financial statement formats and disclosures. Without a firm grasp of these principles, accountants may struggle to accurately manage and report government financial transactions, potentially leading to compliance issues and financial misinterpretation. The complexity of accounting for various government activities, including budgetary reporting and non-exchange transactions, adds another layer of challenge. This self-study CPE course offers a comprehensive exploration of governmental accounting, tailored to address the unique needs and challenges faced by accountants in this field. It covers the fundamental aspects of governmental accounting standards, the organizational structures involved, and the specific types of funds utilized in government accounting. Participants will gain insight into the accounting structures of funds, different bases of accounting, and the varied treatment of revenues and liabilities. The course also dives into the intricacies of infrastructure assets, capital asset costs, and long-term debt management. By the end of this course, participants will have a solid understanding of governmental accounting, equipped with the knowledge and skills to manage government financial affairs with accuracy and compliance, making it an essential resource for professionals transitioning into or working within the governmental accounting sector.

Highlights

Governmental accounting overview. Fund accounting. Basis of accounting and measurement focus. Reporting capital assets. Reporting liabilities. Budget and budgetary accounting. Common accounting transactions. Classification and terminology. Financial reporting entity. Annual comprehensive financial report. Financial reporting considerations. Financial statements. Budgetary reporting. Cash flows statements. Segment information. Reporting entity and component unit presentation and disclosure.

Prerequisites

None.

Designed For

Professionals in government and public accounting.

Objectives

Recognize the entities responsible for formulating accounting standards. Cite the organizational structure used by governmental accounting standards. Specify the different types of funds and how they are used. Describe the accounting structure of a fund. Identify the characteristics of the different bases of accounting. Specify how the accounting treatment for revenue varies, based on when it is received. Recognize the accounting for incurred but unmatured liabilities. Recognize the different types of infrastructure assets. Identify the types of costs that can be included in the cost of a capital asset. Specify when interest costs should and should not be capitalized. Describe the stages of completion associated with the recognition of computer software. Recognize the various indicators of asset impairment. Specify the different types of long-term debt. Recognize the different types of current liabilities. Identify the funds that are more likely to have budgets associated with them.

Preparation

None.

Notice

None.