The public sector environment is fundamentally different from that in which private-sector organizations operate, thus different accounting and financial reporting practices have developed for governments.

This session will provide an introduction to the conceptual and practical ways in which generally accepted accounting principles (GAAP) for governments differ from that used for private companies and familiarize participants with the purpose and use of fund accounting, the three fund categories, and the different measurement focuses and bases of accounting used in government financial statements.  Additionally, participants will become acquainted with the financial reporting model used by state and local governments, and the Annual Comprehensive Financial Report. Click here for additional information about the session.