GFOA of the US & Canada

Accounting Academy: An Intensive Introduction - May 6-10, 2013

Group-live course

Prerequisites: None

Course level: Basic

CPE credits: 40

Time: 5 days, 9:00 am - 5:00 pm (all five days)

Who Will Benefit

Accountants and auditors new to the public sector.

Program Overview

Accountants and auditors new to the public sector must immediately face the daunting challenge of mastering the highly specialized rules, guidelines, and practices applicable to state and local governments.  This intensive five-day workshop, intended for those who already possess at least a basic knowledge of private-sector accounting, combines lecture, discussion, and exercises to help newcomers make this difficult, but essential transition. 

Advance Preparation

None

Seminar Objectives

Those who successfully complete this seminar should be able to:

• Explain the unique aspects of the governmental environment that have led to specialized accounting and financial reporting
• Identify the appropriate generally accepted accounting principles (GAAP)
• Categorize transactions and events as exchange, exchange-like, or nonexchange
• Select the appropriate fund to use to account for a given function or activity
• Categorize the various types of interfund activity
• Apply modified accrual accounting to activities reported in governmental funds
• Apply accrual accounting as modified for use in the public sector
• Identify each of the basic financial statements
• Identify the format and contents of mandated budgetary comparisons
• Identify the basic sections of a comprehensive annual financial report (CAFR) and the essential components of each
• Interpret the basic financial statements
• Identify the essential elements of a comprehensive framework of internal control
• Identify key differences between auditing in the public and private sectors (e.g., Single Audit and “Yellow Book” audits)

Registration Fees

GFOA member:  $1,360     Nonmember:  $1,885