Debt: Accounting and Financial Reporting

This virtual course is designed to provide participants with a solid working knowledge of the specialized accounting and financial reporting used by state and local governments for long-term liabilities with the main focus on debt instruments. The discussion of liabilities includes compensated absences and claims payable. The virtual course includes a discussion on ‘what government issuers need to know’ ahead of issuing general obligation debt.

*The content taught in this virtual class is the equivalent to the long-term liabilities content taught in person in the Intermediate Governmental Accounting class.

*Liabilities related to leases, SBITAs and PPP agreements are taught in a separate virtual course.

Those who successfully complete this seminar should be able to:

• Identify the common types of debt instruments issued by governments.
• Understand what government issuers of general obligation debt need to know about the debt market
• Prepare financial statements that conform to the display and disclosure requirements of generally accepted accounting principles (GAAP) for long-term debt
• Identify the essential elements of presenting and reporting long-term liabilities other than debt instruments, such as asset retirement obligations, claims payable, compensated absences. 

This course is taught by GFOA Technical Services Center staff, finance officers and other industry experts.