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Federal Accounting Standards

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  • ORegistration open
  • FClass full
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Course 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.

Who should attend?

Accounting professionals and financial management personnel who need a working knowledge of current federal accounting standards. Level: Intermediate.

Learning 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, and property, plant and equipment is critical to the accountability of federal government accounting
  • Identify references and resources to help you resolve issues facing your agency regarding federal accounting

Course outline

Syllabus -- Federal Accounting Standards, ACCT7102D, Grad. School, USDA

Day one of three

  • Introduction
    • Course approach, description and objectives
    • Course expectations
    • Hypothetical agency program and mission
    • Background on FASAB
    • Objectives of Federal Financial Reporting SFFAC # 1
    • Standards for Entity and Display, SFFAC # 2

  • Statements of Federal Financial Accounting Standards
    • Accounting for Revenue and other Financing Sources SFFAS # 7
    • Accounting for Direct Loans and Loan Guarantees SFFAS # 2

  • End day one

Day two of three

  • Statement of Federal Financial Accounting Standards (continued)
    • Questions and answers from day -1
    • Accounting for Property, Plant, and Equipment SFFAS # 6
    • Supplementary Stewardship Reporting SFFAS # 8
    • Managerial Cost Accounting Concepts and Standards SFFAS # 4

  • End day two

Day three of three

  • Statement of Federal Financial Accounting Standards (continued)
    • Questions and answers from day-2
    • Accounting for Selected Assets and Liabilities SFFAS # 1
    • Accounting for Inventory and Related Property SFFAS # 3
    • Accounting for Liabilities SFFAS # 5
    • Update on FASAB activities
    • Summary and evaluation

  • End of day three

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