- NY Credits : 8.0
- TX Credits : 8.0
This interactive self-study course discusses information that practitioners need to know before they begin to prepare a set of governmental financial statements. Lesson 1 gives the user a basis in governmental reporting issues, such as the government environment and the governmental reporting model. Lesson 2 provides a basis in fund accounting, and Lesson 3 follows that up by taking a closer look at fund definitions and interfund activity.
Course Expiration Date: December 31, 2019
Please note, the grading fee for answer sheets submitted by regular mail is $105.
Identify governmental entities, financial reporting entities, specifics about the governmental environment, uses and users of governmental financial reports, and the objectives of governmental financial reporting.
Recognize how to establish GAAP for state and local governments, the elements of the governmental financial reporting model and how financial statement materiality affects them.
Identify the elements of fund accounting.
Recognize how to deal with issues related to capital asset accounting and reporting, debt and other long-term liabilities, and interfund activity.
Determine the best method for dealing with issues related to fund accounting, including proprietary funds and what number and types of funds to use.
Identify strategies to address interfund activity and balances and interfund loans, and recognize when interfund activity should be eliminated from the financial statements.
Lesson 1—Important Considerations for Working with Governmental Financial Statements
Lesson 2—The Basics of Fund Accounting
Lesson 3—Fund Definitions and Interfund Activity