Basic understanding of private-sector accounting and financial reporting.
Those involved with preparing or auditing the financial statements of state or local governments, but who have not received comprehensive training concerning the unique features of public-sector accounting and financial reporting.
Special note: The material in this course is incorporated into the GFOA’s Accounting Academy: An Intensive Introduction to Governmental Accounting, Auditing, and Financial Reporting; therefore, individuals who have attended or plan to attend the GFOA’s Accounting Academy should not enroll in this seminar.
This seminar is designed to provide participants with a solid working knowledge of the specialized accounting and financial reporting used by state and local governments. Emphasis is placed throughout on differences between private- and public-sector theory and practice.
Those who successfully complete the seminar should be able to:
- Explain why and how accounting for state and local governments differs from accounting and financial reporting for businesses;
- Select the appropriate fund to use to account for a given function or activity;
- Properly apply specialized public-sector account classifications and financial reporting terminology;
- Distinguish the accrual treatment of transactions and events from the modified accrual treatment of those items;
- Determine which legally separate units should be included within the financial reporting entity and how they should be presented there;
- Perform basic journal entries at the fund level;
- Identify the basic steps in converting fund data for inclusion in government-wide financial statements;
- Make basic budgetary journal entries and determine when a budgetary comparison is required and at what level of detail; and
- Identify the components of each of the three basic sections of a comprehensive annual financial report.
PARTICIPANTS ARE ENCOURAGED TO BRING WITH THEM A COPY OF THEIR GOVERNMENT’S COMPREHENSIVE ANNUAL FINANCIAL REPORT.