- NY Credits : 11.0
- TX Credits : 11.0
Governmental financial statements are quite a bit different from commercial financial statements, because each follows a different set of accounting requirements. This program will review the basic differences between commercial and governmental accounting and why these differences exist. It will emphasize the different types of funds used in governmental accounting, including why, when, and how to use each. It will also discuss the various bases and methods of accounting, along with the types of measurement focus, including any recent standards issued by the Government Accounting Standards Board (GASB). Finally, it will cover governmental financial planning and the importance of constituents' communication and feedback.
Upon successful completion of Overview of Governmental Accounting, the user should be able to:
recognize the unique issues for governmental accounting and reporting,
identify what the governmental budget provides,
determine who the users of governmental financial reports are,
recognize what the Blue Book is,
explain the history of governmental accounting standard setting,
highlight the significant components in required supplementary information,
identify the primary strategic objectives for the historical financial trends approach to governmental budgeting,
outline alternatives for the governmental budget planning process,
recognize what a public employee retirement system involves, and
identify what an external investment pool involves.