CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

Governmental Accounting

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Self-Study
Icon_Level
Overview
Credits
CPE Credits
12 Credits: Accounting (Governmental)

Course Description

Governmental accounting differs significantly from the accounting used by other organizations, since the focus is on the provision of services, rather than earning a profit. Because of this change in focus, governments use funds to maintain better control of costs, while also formatting their financial statements differently and using a different basis of accounting. This course explains the intricacies of these differences, covering fund accounting, budgetary accounting, the comprehensive annual financial report, and much more. There is a special emphasis placed on more specific accounting issues with regards to claims accounting, landfill closure and postclosure costs, and nonexchange transactions. The materials are designed for financial professionals to use as a reference tool for recording governmental accounting transactions and generating financial statements.

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Recognize the entities responsible for formulating accounting standards.
  • Cite the organizational structure used by governmental accounting standards.

Chapter 2

  • Specify the different types of funds and how they are used.
  • Describe the accounting structure of a fund.

Chapter 3

  • Identify the characteristics of the different bases of accounting.
  • Specify how the accounting treatment for revenue varies, based on when it is received.
  • Recognize the accounting for incurred but unmatured liabilities.

Chapter 4

  • Recognize the different types of infrastructure assets.
  • Identify the types of costs that can be included in the cost of a capital asset.
  • Specify when interest costs should and should not be capitalized.
  • Describe the stages of completion associated with the recognition of computer software.
  • Recognize the various indicators of asset impairment.

Chapter 5

  • Specify the different types of long-term debt.
  • Recognize the different types of current liabilities.

Chapter 6

  • Identify the funds that are more likely to have budgets associated with them.
  • Describe how an encumbrance is used.

Chapter 7

  • Cite the different types of interfund activities.

Chapter 8

  • Specify the classifications used to track expenditures.
  • Identify the components of net position.

Chapter 9

  • Describe the nature of a financial reporting entity.
  • Specify the indicators of control over another entity.

Chapter 10

  • Describe the contents of the various components of the comprehensive annual financial report.
  • Describe how the order of liquidity is applied in the statement of net position.
  • Recognize the proper accounting treatment for issued debt.
  • Describe how a negative balance is treated in the restricted net position line item.
  • Identify the different categories used for program revenues.
  • Specify the formula underlying a balance sheet.

Chapter 11

  • Specify the disclosures used when there is a related party transaction.
  • Describe the proper accounting for the correction of an error.
  • Define a change in estimate, principle, and entity.

Chapter 12

  • Specify the topics that should be covered in the notes to the financial statements.
  • Recognize the circumstances under which an accounting policy should be disclosed.
  • Cite the disclosures needed when future revenues are sold.

Chapter 13

  • Identify the circumstances under which a budgetary comparison should be presented.
  • Describe the nature of budgetary control.

Chapter 14

  • Recognize the types of funds that must present a statement of cash flows.
  • Specify how a statement of cash flows is constructed.
  • Identify the transactions that are associated with each of the classifications in a statement of cash flows.

Chapter 15

  • Recognize the circumstances under which discrete presentation is used in the financial statements.

Chapter 16

  • Recognize the factors involved in designating a component unit as major.

Chapter 17

  • Cite the circumstances under which a statistical section is included in a set of financial statements.
  • Describe the formulation of fair value for real and personal property.
  • Specify which governments must include overlapping rates information in their financial statements.
  • Recognize the different types of demographic and economic indicators.

Chapter 18

  • Specify the types of costs that can be associated with a purchase.
  • Describe the different levels of the fair value hierarchy.

Chapter 19

  • Cite the criteria for determining whether risk has been transferred.
  • Specify the accounting to use when a loss has been incurred.

Chapter 20

  • Recognize the types of costs associated with landfill closure and postclosure activities.
  • Specify the proper accounting for a change in the estimated total current cost of landfill closure and postclosure care.

Chapter 21

  • Identify the circumstances under which a lease liability should be revised.
  • Describe the components of the lease receivable asset.

Chapter 22

  • Specify the circumstances under which a government does not recognize a nonexchange transaction.
  • Cite the different types of restrictions associated with a grant.
  • Specify the accounting for a pass-through grant.

Course Specifics

Course ID
5186010
Revision Date
October 31, 2018
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Steven M. Bragg Headshot
Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with …

Steven M. Bragg, CPA Read More »

Governmental Accounting

Expert Instructors
Format
CPE CREDITS
12 Credits: Accounting (Governmental)

$336.00$376.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
12 Credits: Accounting (Governmental)

Course Description

Governmental accounting differs significantly from the accounting used by other organizations, since the focus is on the provision of services, rather than earning a profit. Because of this change in focus, governments use funds to maintain better control of costs, while also formatting their financial statements differently and using a different basis of accounting. This course explains the intricacies of these differences, covering fund accounting, budgetary accounting, the comprehensive annual financial report, and much more. There is a special emphasis placed on more specific accounting issues with regards to claims accounting, landfill closure and postclosure costs, and nonexchange transactions. The materials are designed for financial professionals to use as a reference tool for recording governmental accounting transactions and generating financial statements.

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Recognize the entities responsible for formulating accounting standards.
  • Cite the organizational structure used by governmental accounting standards.

Chapter 2

  • Specify the different types of funds and how they are used.
  • Describe the accounting structure of a fund.

Chapter 3

  • Identify the characteristics of the different bases of accounting.
  • Specify how the accounting treatment for revenue varies, based on when it is received.
  • Recognize the accounting for incurred but unmatured liabilities.

Chapter 4

  • Recognize the different types of infrastructure assets.
  • Identify the types of costs that can be included in the cost of a capital asset.
  • Specify when interest costs should and should not be capitalized.
  • Describe the stages of completion associated with the recognition of computer software.
  • Recognize the various indicators of asset impairment.

Chapter 5

  • Specify the different types of long-term debt.
  • Recognize the different types of current liabilities.

Chapter 6

  • Identify the funds that are more likely to have budgets associated with them.
  • Describe how an encumbrance is used.

Chapter 7

  • Cite the different types of interfund activities.

Chapter 8

  • Specify the classifications used to track expenditures.
  • Identify the components of net position.

Chapter 9

  • Describe the nature of a financial reporting entity.
  • Specify the indicators of control over another entity.

Chapter 10

  • Describe the contents of the various components of the comprehensive annual financial report.
  • Describe how the order of liquidity is applied in the statement of net position.
  • Recognize the proper accounting treatment for issued debt.
  • Describe how a negative balance is treated in the restricted net position line item.
  • Identify the different categories used for program revenues.
  • Specify the formula underlying a balance sheet.

Chapter 11

  • Specify the disclosures used when there is a related party transaction.
  • Describe the proper accounting for the correction of an error.
  • Define a change in estimate, principle, and entity.

Chapter 12

  • Specify the topics that should be covered in the notes to the financial statements.
  • Recognize the circumstances under which an accounting policy should be disclosed.
  • Cite the disclosures needed when future revenues are sold.

Chapter 13

  • Identify the circumstances under which a budgetary comparison should be presented.
  • Describe the nature of budgetary control.

Chapter 14

  • Recognize the types of funds that must present a statement of cash flows.
  • Specify how a statement of cash flows is constructed.
  • Identify the transactions that are associated with each of the classifications in a statement of cash flows.

Chapter 15

  • Recognize the circumstances under which discrete presentation is used in the financial statements.

Chapter 16

  • Recognize the factors involved in designating a component unit as major.

Chapter 17

  • Cite the circumstances under which a statistical section is included in a set of financial statements.
  • Describe the formulation of fair value for real and personal property.
  • Specify which governments must include overlapping rates information in their financial statements.
  • Recognize the different types of demographic and economic indicators.

Chapter 18

  • Specify the types of costs that can be associated with a purchase.
  • Describe the different levels of the fair value hierarchy.

Chapter 19

  • Cite the criteria for determining whether risk has been transferred.
  • Specify the accounting to use when a loss has been incurred.

Chapter 20

  • Recognize the types of costs associated with landfill closure and postclosure activities.
  • Specify the proper accounting for a change in the estimated total current cost of landfill closure and postclosure care.

Chapter 21

  • Identify the circumstances under which a lease liability should be revised.
  • Describe the components of the lease receivable asset.

Chapter 22

  • Specify the circumstances under which a government does not recognize a nonexchange transaction.
  • Cite the different types of restrictions associated with a grant.
  • Specify the accounting for a pass-through grant.

Course Specifics

Course ID
5186010
Revision Date
October 31, 2018
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Steven M. Bragg Headshot
Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with …

Steven M. Bragg, CPA Read More »

Governmental Accounting

Expert Instructors
Format
CPE CREDITS
12 Credits: Accounting (Governmental)

$336.00$376.00

Clear