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Understanding Federal Financial Statements

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  • ORegistration open
  • FClass full
  • GGuaranteed to Go
  • RRemote Classroom
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Course overview

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 aligns with the following DoD financial management competencies:
DoD FM CompetencyProficiency LevelHours
Accounting Concepts, Policies, and Principles 3 20
Financial Reporting 3 4

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. Level: Intermediate.

Learning outcomes

  • Explain the financial statement requirements of OMB Bulletin 97-01
  • 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 outline

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Day 1

Lesson 1 – Overview of Federal Financial Reporting

  1. Objectives of federal financial reporting
  2. The impact of the CFO Act of 1990 and GPRA on agency reporting requirements
  3. Purpose and content of OMB Circular A-136, Financial Reporting Requirements

Lesson 2 – Overview of the Uses of Financial Statements

  1. Who uses financial statements?
  2. How financial statements are used
  3. The concept of financial condition

Day 2 and 3

Lesson 3 – Requirements and Content of Financial Statements

  1. Purpose of each of the six financial statements required by federal agencies
  2. Use of the Standard General Ledger for financial statement preparation

Day 3

Lesson 4 – Notes to Financial Statements

  1. OMB Required Information
  2. OMB mandatory footnotes
  3. Understanding audit requirement concepts
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