Identifying Component Units
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.
The scope of public sector external financial reporting often extends beyond the reporting government to encompass one or more additional legally-separate organizations. This seminar examines the scope of the public sector financial reporting entity.
Those completing this seminar will be able to:
- Identify the criteria used in establishing a primary government’s financial accountability for a potential component unit
- Distinguish between the two types of fiduciary component units and the criteria for their inclusion in a primary government’s fiduciary funds financial statements
Who Will Benefit
CFO/Finance Director, Controller, Accountant, and Auditor