# Federal Accounting Standards  (Self-Paced)

Canonical URL: <https://www.graduateschool.edu/courses/federal-accounting-standards-self-paced>

## Overview

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. The course covers material spanning SFFAC #1–9 and key SFFAS, including assets, liabilities, revenue, PP&E, cost accounting, and social insurance. Includes hands-on exercises and a PP&E case study.

## What you'll learn

- Describe how and why federal accounting policies are developed.
- Apply basic, detailed federal government accounting procedures.
- State how the 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.

## Curriculum

#### Module 1: SFFAC #1 – Objectives of Financial Reporting

- Understand the conceptual framework for federal financial reporting.
- Explore how financial information supports accountability and decision-making.
- Examine the four major objectives: budgetary integrity, operating performance, stewardship, and systems/control.
- Distinguish between concepts and standards in financial reporting.

#### Module 2: SFFAC #2 – Entity and Display

- Define the federal reporting entity and its components.
- Understand consolidation principles for financial reporting.
- Explore criteria for inclusion of organizations in federal financial reports.

#### Module 3: SFFAC #3 and SFFAS #15 – Management’s Discussion and Analysis

- Explore the structure and purpose of MD&A in federal reports.
- Learn how narrative and financial data combine to improve transparency.
- Understand the role of MD&A in decision support.

#### Module 4: SFFAC #4–#7 and SFFAS #24 and #32 – Consolidated Financial Statement Reporting

- Study government-wide financial reporting requirements.
- Review consolidation practices and amendments to existing statements.
- Assess how changes affect transparency and comparability in reporting.

#### Module 5: SFFAS #1 – Selected Assets and Liabilities

- Understand accounting for cash, accounts receivable, and other current assets.
- Examine liabilities such as accounts payable and accrued expenses.

#### Module 6: SFFAS #2 – Direct Loans and Loan Guarantees

- Review credit reform accounting practices.
- Understand valuation and risk assumptions behind federal loan programs.

#### Module 7: SFFAS #3 – Inventory and Related Property

- Examine standards for valuing and reporting inventory and operating materials.
- Understand accounting treatments for seized and forfeited property.

#### Module 8: SFFAS #4 – Managerial Cost Accounting

- Study cost accounting concepts and standardization in the federal government.
- Explore full cost and responsibility segment reporting.

#### Module 9: SFFAS #5 – Liabilities of the Federal Government

- Define recognition criteria for liabilities including pensions, benefits, and contingencies.
- Understand how obligations are estimated and disclosed.

#### Module 10: SFFAS #6 – Property, Plant, and Equipment

- Explore capitalization thresholds and depreciation practices.
- Review treatments for multi-use heritage assets and stewardship land.

#### Module 11: SFFAS #7 – Revenue and Other Financing Sources

- Distinguish between exchange and non-exchange revenues.
- Examine intragovernmental transactions and trust fund accounting.

#### Module 12: SFFAS #8 – Supplementary Stewardship Reporting (Rescinded by SFFAS #57)

- Review the historical context and purpose of stewardship reporting.
- Understand how its requirements were integrated into newer standards.

#### Module 13: SFFAS #10 – Internal Use Software

- Identify capitalization criteria for internally developed software.
- Review amortization practices and impairment indicators.

#### Module 14: SFFAS #17 – Social Insurance

- Study reporting requirements for programs like Social Security and Medicare.
- Analyze actuarial projections and disclosure requirements.

#### Module 15: Recent Standards on Specific Topics

- Explore updates on leases, government land, classified information, and tax expenditures.
- Review recent guidance affecting reconciliation and accrual accounting.

## Pricing

**Tuition:** $1649