Event Description

Governmental accounting differs significantly from commercial and nonprofit accounting standards and requires a distinct approach to financial reporting. This course introduces the foundational principles of governmental accounting, including fund accounting concepts and the modified accrual basis of accounting.Participants will explore the structure and purpose of governmental fund financial statements as well as the government-wide financial statements, gaining clarity on objectives, layouts, and key elements. The course also addresses essential topics such as component units, Management’s Discussion and Analysis (MD&A), and the Annual Comprehensive Financial Report (ACFR).Designed for those new to governmental accounting—or those seeking a refresher—this course provides a solid foundation for understanding and applying governmental financial reporting principles. The course has been updated to reflect recent guidance issued by the Governmental Accounting Standards Board (GASB), including GASB Statements 101-105.

Objectives

• Recall the requirements of governmental financial reporting.
• Recognize organizations that follow governmental financial reporting standards.
• Identify key elements of governmental financial statements.
• Identify appropriate fund classifications used in governmental accounting.
• Identify requirements for an entity to be considered a component unit.
• Recognize the components of net position for different governmental fund types.