Minneapolis, MN (Hyatt Regency Minneapolis)
Intermediate Governmental Accounting or a basic understanding of GAAP for state and local governments.
Accounting and financial reporting professionals who have prepared, or wish to be able to prepare, a comprehensive annual financial report (CAFR).
Participants will examine in detail the format and contents of a CAFR 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
Updated to include GASB Statement No. 84, Fiduciary Activities; GASB Statement No. 86, Certain Debt Extinguishment Issues; and GASB Statement No. 88, Certain Disclosures Related to Debt Including Direct Borrowings and Direct Placements.
Participants may wish to bring a copy of their CAFR to the course. The program is an expanded form of GFOA’s one-day seminar on Preparing a CAFR.
Those who successfully complete the seminar should be able to:
- Understand generally accepted accounting principles (GAAP) for state and local government;
- Identify the three basic sections of a CAFR and the essential components of each;
- Differentiate basic financial statements, required supplementary information, and other supplementary information within a CAFR;
- Identify the basic elements of a letter of transmittal;
- Identify the appropriate elements to include in management’s discussion and analysis;
- Format each of the basic financial statements;
- Classify data in each of the basic financial statements;
- Properly apply commonly misunderstood note disclosure requirements;
- Prepare required supplementary information;
- Format combining and individual fund statements; and
- Prepare required statistical presentations.