Advanced Financial Reporting

Participants will examine in detail the format and contents of an annual comprehensive financial report 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; GASB Statement No. 88, Certain Disclosures Related to Debt Including Direct Borrowings and Direct Placements; and GASB Statement No. 91, Conduit Debt Obligations.

Note: Participants may wish to bring a copy of their annual comprehensive financial report to the course. The program is an expanded form of GFOA’s seminar on Preparing an Annual Comprehensive Financial Report.

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 an annual comprehensive financial report and the essential components of each
• Differentiate basic financial statements, required supplementary information, and other supplementary information within a annual comprehensive financial report
• 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
• Prepare required statistical presentations

This course is taught by finance officers and other industry experts.