Accounting Academy

* “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.

GFOA’s premier accounting course is aimed at accountants and auditors who are new to the public sector and face the daunting challenge of familiarizing themselves with the highly specialized rules, guidelines, and practices applicable to state and local governments. This course, which is intended for those who already possess at least a basic knowledge of private-sector accounting, combines lecture, discussion, and exercises to help those new to government make this difficult, but essential, transition.

Those who successfully complete this seminar should obtain a solid understanding of each of the following:

• Discuss Generally Accepted Accounting Principles (GAAP) for state and local governments
• Describe the unique environmental factors that have led to specialized accounting and financial reporting for state and local governments
• Explain how fund accounting works
• Define measurement focus and basis of accounting
• Categorize and measure transactions and events properly on the general ledger
• List the required components of government-wide financial reporting
• Identify component units
• Differentiate between financial reporting and budgetary reporting
• Outline the elements of an Annual Comprehensive Financial Report (ACFR)

Those seeking to understand accounting and financial reporting for state and local governments