Basic understanding of private-sector accounting and financial reporting.
Accounting and auditing professionals involved with enterprise funds or stand-alone business-type activities.
This seminar is designed to familiarize participants with features of accounting and financial reporting for enterprise funds and stand-alone business-type activities that differ from private-sector theory and practice, including:
- Interest capitalization (tax-exempt debt and grants);
- Capital asset impairments;
- Debt issuance, classification, and refunding;
- Pensions and other postemployment benefits;
- Compensated absences;
- Tap fees, impact fees, payments in lieu of taxes;
- Optional specialized accounting for regulated industries;
- Service concession arrangements (public/private partnerships – P3’s);
- Allocation of primary government liabilities;
- Reclassifications needed for stand-alone reporting; and
- Acquiring capital assets within the same reporting entity.
It also familiarizes participants with the format and contents of a comprehensive annual financial report (CAFR) for an enterprise fund or stand-alone business-type activity prepared in accordance with both generally accepted accounting principles (GAAP) and the program requirements of the Government Finance Officers Association’s (GFOA) Certificate of Achievement for Excellence in Financial Reporting Program.
PARTICIPANTS ARE ENCOURAGED TO BRING WITH THEM A COPY OF THEIR ENTERPRISE FUND’S OR STAND-ALONE BUSINESS-TYPE ACTIVITY’S CAFR (OR A COPY OF ITS AUDITED FINANCIAL STATEMENTS IF THE ENTITY DOES NOT YET PREPARE AND ISSUE A CAFR).
Those who successfully complete this seminar should gain an understanding of accounting and financial reporting for enterprise funds and stand-alone business-type activities including the requirements of preparing a CAFR.