Review governmental accounting and financial reporting, including auditing, internal controls, and governmental fund accounting and budgeting. Understand GASB pronouncements, especially GASB 34; review published financial reports to strengthen your learning; and examine a case study of a California city that will emphasize the governmental accounting and financial reporting model. Also, review the new GASB Pension and OPEB Standards with class exercises that take the actuarial accounting valuations to financial reporting and to note disclosures.
Learning Objectives
- Identify the basics of governmental accounting and financial reporting, including a review of a Comprehensive Annual Financial Report (CAFR).
- Recall and review GASB Statement No. 34, Basic Financial Statements-and Management's Discussion and Analysis-for State and Local Governments.
- Recognize governmental auditing issues, including risk assessment and internal controls and the Financial Reporting Entity.
- Determine requirements for compliance audits.
- Review separate standards between governmental and business accounting and financial reporting.
Major Topics
- Governmental environment: cities, counties, special districts and other agencies
- Fund accounting
- Budgeting
- GASB 34 accounting and financial reporting
- Measurement focus and basis of accounting
- Auditing of governments: risk assessment and evaluation of internal controls
- AICPA Auditing Standards
- Generally Accepted Accounting Principles for government
- GASB Pension and OPEB Standards including the "Implicit Rate Subsidy"
- Update GASB's Exposure Draft on Financial Reporting Model Improvements
