Field of Study
* “Basic” level classes that fall within the accounting, auditing, and financial reporting topic assume that all participants have a fundamental understanding of double-entry accounting (e.g., debits and credits, normal account balances), elements of financial statements (e.g., assets, liabilities, revenues, and expenses), and broad categories of financial statements (e.g., position statements and operating statements). Participants who have current knowledge equivalent to those who have recently passed a college-level accounting class will meet these criteria.
Accountants and auditors new to the public sector must immediately face the daunting challenge of familiarizing themselves with the highly specialized rules, guidelines, and practices applicable to state and local governments. This series, 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.
Those who successfully complete this seminar should obtain a solid understanding of each of the following:
- Generally accepted accounting principles (GAAP) for state and local governments
- The unique environmental factors that have led to specialized accounting and financial reporting for state and local governments
- Fund accounting
- Measurement focus and basis of accounting
- How to categorize and measure transactions and events
- Government-wide financial reporting
- Component units
- Budgetary reporting
- Elements of an annual comprehensive financial report
Who Will Benefit
Those wishing to obtain an understanding of the accounting and financial reporting for state and local governments.