Understanding Federal Financial Statements Course (Self-Paced)

This course includes

18 hours of project-based training from experts
Answers from real instructors
Proprietary workbook included
Retake for free within 1 year
Verified digital certificate of completion
Learn at an accredited institution
Credits: 18 CPEs

This course is self-paced. For live online or in-person instruction, take Understanding Federal Financial Statements.

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.

Full Tuition

$1,199
Due before the class starts

This course includes

18 hours of project-based training from experts
Answers from real instructors
Proprietary workbook included
Retake for free within 1 year
Verified digital certificate of completion
Learn at an accredited institution
Credits: 18 CPEs

Learning Experience Highlights

Training from government‑experienced instructors

Receive instruction from subject‑matter experts who bring proven government experience.

Specialized for government & DoD

Courses that are regularly updated based on feedback and industry developments, ensuring versions are mapped to federal competencies.

The instructor was wonderful and so knowledgeable. The course materials were extremely relevant to what my job is. I feel like I can be better because of this class.
— 2025 student

Three professionals sit in black chairs with laptops and notebooks, engaged in conversation against a red wall.

Real-world solutions

Directly addressing the day-to-day challenges of federal employees.

125+ departments & agencies served

Your trusted training partner, equipping public service professionals with the skills and knowledge to excel in their roles and drive meaningful impact.

100% Online. Start Anytime

24/7 access to our premium course videos and projects.
Industry experts are assigned as your course instructor. Message your instructor with any questions.
Participate in GSUSA online discussion forums — share ideas and receive additional support.
Hands-on quizzes and mini projects to test and reinforce concepts.

Earn a Certificate of Completion

Upon completion of this course, you’ll receive an official certificate testifying to your mastery of the curriculum. We’ll send you a link where you can download your certificate, share it online with your friends, post it to your professional network on LinkedIn, and view all your earned certificates. Congratulations on your achievement!

Shareable on

Sample credential for completion of Understanding Federal Financial Statements Course (Self-Paced)

A group of adult learners sits in a classroom, smiling and engaged in a government training session.

A government training instructor in a suit gestures while teaching in front of a whiteboard covered with notes and diagrams.

A person in professional attire holds a Graduate School USA folder, symbolizing participation in government training programs.

Understanding Federal Financial Statements Course (Self-Paced) Curriculum

What You'll Learn at a Glance

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.

Course Syllabus

Download Syllabus PDF

Module 1: Overview of Federal Financial Reporting

Explain the importance of financial reporting for accountability and effective management in federal agencies.
Review the historical development of federal financial reporting requirements and key legislation.
Identify authoritative sources of federal financial reporting requirements and guidance.
Understand how financial reporting supports budgeting, performance measurement, and decision-making.

Module 2: The Agency Financial Report

Understand the structure and purpose of the Agency Financial Report (AFR) and Performance and Accountability Report (PAR).
Apply OMB Circular A-136 provisions to meet form and content requirements for agency reports.
Describe the required sections including Management’s Discussion and Analysis, financial statements, and accompanying information.
Recognize deadlines, submission processes, and the role of federal reporting entities.

Module 3: Form and Content of Financial Statements

Identify and describe the principal federal financial statements and related disclosures.
Explain the role of the U.S. Standard General Ledger (USSGL) in preparing statements.
Understand FASAB concepts and standards and their application in federal reporting.
Discuss the content and purpose of each statement, including Balance Sheet, Statement of Net Cost, and Statement of Budgetary Resources.

Module 4: Financial Statement Audits

Explain the shared responsibilities of managers and auditors in the audit process.
Identify the scope, objectives, and procedures of a full-scope financial statement audit.
Understand audit opinions, internal control weaknesses, and compliance assessments.
Discuss ongoing challenges in producing reliable governmentwide financial statements.

Module 5: Course Review Quiz

Review and reinforce key concepts from all modules.
Test understanding of financial reporting requirements, standards, and practices.
Assess readiness to apply knowledge in real-world federal financial management contexts.

Group Training

Since 1921, Graduate School USA has partnered with over 125 federal agencies and trained more than one million federal employees. Led by instructors with deep, real-world knowledge of federal regulations, policies, and practices, our private group programs are practical, mission-driven, and tailored to your agency’s objectives. We offer expertise across key federal domains—including human resources, financial management, acquisition and contracting, leadership, and more—to deliver training where and how your team needs it.

Complete this form and we’ll get back to you within 1 business hour.

The Fact Is – We’ve Been Government’s Training Partner Since 1921

400+ Courses & Certificates 125+ Federal Agencies Served 200+ Subject-Matter Experts

Installments
	10% non-refundable deposit
$1,199.00	Total You Pay