- 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. This overview level course provides a general review of this topic from a broad perspective. This course is appropriate for the professional at any organizational level.
Upon successful completion of this course, the user should be able to:
recognize the conceptual framework and unique issues for governmental accounting and reporting,
explain the characteristics of each fund type and why funds are used in government,
explain the history of governmental accounting standard setting,
identify the five types of funds in the governmental category,
describe the governmental proprietary fund classifications used for financial reporting,
explain the GASB guidance for using fiduciary funds,
define the significant characteristics and components of the governmental reporting model, and
describe the primary objectives and strategy for managing governmental services.