Governmental accounting differs significantly from other forms of accounting 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 and government-wide financial statements, gaining clarity on their objectives, layouts, and key elements. The course also addresses essential topics such as component units, the role and structure of Management's Discussion and Analysis (MD&A), and the preparation and significance of 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, including GASB Statements 101-105.
DESIGNED FOR
Anyonne responsible for preparing or attesting upon financial statements
BENEFITS
- Describe the importance of proper debt classification and disclosure
- Explain how various common debt terms impact the classification of debt
- Apply illustrative examples to appropriate disclosure of debt terms and circumstances
HIGHLIGHTS
- Debt terms that impact classification of debt, such as due on demand and subjective acceleration clauses, and more!
- Proper treatment of short-term obligations that are expected to refinance within the next 12 months
- "Revolving" credit agreements, where short-term debt is automatically replaced with other short-term debt for a specified period of time
- Differentiating between debt modifications and troubled debt restructuring
- Debt covenant compliance special considerations, including the proper form of waiver of rights to call the debt for violation
PREREQUISITES
None
ADVANCE PREPARATION
None
ADDITIONAL NOTES
Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).