Description:
The Federal Accounting Standards developed by the Federal Accounting Standards Board (FASB) help fulfill the U.S. Government's constitutional requirement to appropriately record and report all revenues and expenditures. Learn these standards, including the latest changes from the FASB, as you also explore the related statutory requirements of the Chief Financial Officers (CFO) Act, the Government Management Reform Act, and related legislation.
Duration:
4 days
Level:
Advanced
Who Should Attend?
Accounting professionals and financial management personnel who need a working knowledge of current federal accounting standards.
Credits:
32 CPEsLearning Outcomes:
- Describe how and why federal accounting policies are developed.
- Apply basic, detailed federal government accounting procedures.
- Apply accepted approaches to record keeping and accounting.
- State how results of operations are reflected in the public record.
- Explain the standards for managerial, cost, and supplementary stewardship reporting.
- Illustrate how handling selected assets and liabilities, direct and guaranteed loans, inventory, and property, plant and equipment are critical to the accountability of federal government accounting.
- Identify references and resources to help you resolve issues facing your agency regarding federal accounting.
Available Sessions:
| Session Code | Start Date | End Date | Location | Tuition | |
|---|---|---|---|---|---|
| Session Code ACCT7102-002 | Start Date Jun 03, 2025 9:00 AM EST | End Date Jun 05, 2025 5:00 PM EST | Location Virtual | Tuition $1,399.00 | |
| Session Code ACCT7102-001 | Start Date Aug 19, 2025 9:00 AM EST | End Date Aug 21, 2025 5:00 PM EST | Location Virtual | Tuition $1,399.00 |
Day One
- Introductions, Course Overview and Objectives
- Objectives of Federal Financial Reporting
- Entity and Display for General Purpose Financial Reporting
- Management’s Discussion and Analysis in General Purpose Financial Reports
- Consolidated Report of the U.S. Government
- Accounting for Selected Assets and Liabilities
Day Two
- Accounting for Loans and Loan Guarantees
- Accounting for Inventory and Related Property
- Managerial Cost Accounting
- Accounting for Liabilities of the Federal Government
- Accounting for Property, Plant, and Equipment
Day Three
- Accounting for Revenue and Other Financing Sources
- Stewardship Reporting
- Accounting for Internal Use Software
- Accounting for Social Insurance
- FASAB Update and New Standards
- Course Summary and Evaluation
Other Recommended Courses:
- Advanced Federal Accounting (ACCT8004)
- Government Standard General Ledger (ACCT8100)
- Federal Budgeting, Execution, and Accounting: The Relationship (FINC8300)
- Introduction to Federal Accounting (ACCT7001)
- Understanding Federal Financial Statements (FINC8103)
