Fundamentals of Governmental Accounting and Reporting: Fund Accounting and Financial Statements
Overview:
Fund accounting and reporting
Using funds
Understand how revenues and expenditures are recognized and recorded in governmental funds.
Understand how proprietary funds are used to account for a government's business-type activities.
Understand how governments use funds to provide financial information and report the activities of assets held for others.
Learn how fund financial statements provide important information - how much was received, spent, and what remains - on how the separate components of a government performed for the year.
Objectives:
Learning Outcomes
- Identify the governmental fund types and fund categories.
- Identify how revenues and expenditures are recognized and recorded in governmental funds.
- Recognize how proprietary funds are used to account for a government business-type activity.
- Recognize how governments use trust and custodial funds to report the activities of assets held for others.
- Identify how governments often make resource allocation decisions by fund, and how governments must provide financial information by funds in order to demonstrate accountability.
Major Topics:
Key Topics
- Fund accounting and the financial reporting model
- Governmental, proprietary, and fiduciary funds
- Fund financial statements
Designed For:
Who Will Benefit
- Accounting and finance professionals working in the state and local government environment
- Auditors with state and local government clients who seek a refresher in fundamental governmental accounting and reporting concepts