Description:
Learn how to prepare federal financial statements that meet the Office of Management and Budget (OMB) guidelines. Discover the importance of stewardship reporting. Learn to apply various techniques used to examine financial statements. Identify the impact of the Government Performance and Results Act (GPRA) on financial reporting. This course is part of the Certified Government Auditor (CGA) program, Level 1.
Duration:
3 days
Level:
Intermediate
Who Should Attend?
Accountants, financial managers, budget analysts, program managers, auditors and other professionals who are responsible for preparing, analyzing and interpreting federal financial statements will benefit from this course.
Credits:
24 CPEsLearning Outcomes:
- Explain the financial statement requirements of OMB Circular No. A-136.
- Describe the preparation and analysis of the "basic financial statement.
- Describe the form and content of annual financial statements as prescribed in OMB guidance.
- Distinguish between budgetary and proprietary reporting.
- Demonstrate program and financial performance analysis.
- Recognize the importance of stewardship reporting Identify the impact of the Government Performance and Results Act (GPRA) on financial reporting.
- Identify new costs of operations and financial flexibility.
Available Sessions:
| Guaranteed-to-Go | Session Code | Start Date | End Date | Location | Tuition | |
|---|---|---|---|---|---|---|
Guaranteed-to-Go
|
Session Code FINC8103-001 | Start Date May 13, 2025 9:00 AM EST | End Date May 15, 2025 5:00 PM EST | Location Virtual | Tuition $1,199.00 | |
| Guaranteed-to-Go | Session Code FINC8103-002 | Start Date Jun 09, 2025 9:00 AM EST | End Date Jun 11, 2025 5:00 PM EST | Location Virtual | Tuition $1,199.00 |
Overview of Federal Financial Reporting
- Accountability and management – the foundation of financial reporting
- Accountability for money and results
- Expanding levels of accountability
- Background and historical perspective
- Early history – focus on fund accounting and reporting
- The shift to financial accounting and reporting
- Recent laws
- The current framework
- Financial management functions
- Statutory requirements
- Requirements setting organizations and their roles
- Implementing standards and guidance
- Users of federal financial reports
- How the accounting system supports federal financial reporting
- Multiple methods of accounting used for federal financial reporting
- How financial reporting supports performance management
- Cost measurement
- Accomplishment measurement
- Relating costs to accomplishments
The Agency Financial Report
- The annual reporting cycle
- Periodicity of financial reports
- Unique characteristics of federal accounting and reporting
- Importance of defining the reporting entity
- Summary of federal reporting entities
- Central financial reporting guidance
- OMB Circular A-136
- Submission format and deadlines
- Required components of the PAR and AFR
- Agency head message
- Management’s discussion and analysis
- Performance section
- Other information
- Analysis of entity’s financial statement and stewardship information
- Analysis of entity’s systems. controls and legal compliance
- Other management information, initiatives and issues
- Limitations of financial statements
Form and Content of Financial Statements
- Agency financial statements
- Federal financial accounting concepts and standards
- Hierarchy of standards
- Active FASAB projects
- Specific guidance
- Understanding the U. S. Standard General Ledger
- Financial statement contents
- Balance sheet
- Statement of net cost
- Statement of changes in net position
- Statement of budgetary resources
- Statement of custodial activity
- Statement of social insurance
- Statement of changes in social insurance amounts
- Notes to financial statements
- Interim financial statements
- Additional required information
- Financial Reporting Systems
- Government-Wide financial reporting system
- Government-wide Treasury Account Symbol Adjusted Trial Balance System
- MAX information system
Financial Statement Audits
- Shared management and auditor responsibilities
- Audit guidance
- Scope and type of work performed
- Audit opinions, control weaknesses and system deficiencies
- Current status and remaining obstacles
Other Recommended Courses:
- Advanced Federal Accounting (ACCT8004)
- Government Standard General Ledger (ACCT8100)
- Federal Accounting Standards (ACCT7102)
- Planning, Budgeting and Performance Measurement (BUDG8180)
