This course will review governmental accounting and financial reporting, including auditing, internal controls and governmental fund accounting and budgeting. To understand GASB pronouncements, especially GASB 34, published financial reports will be discussed, and a case study on a California city that emphasizes the governmental accounting and financial reporting model. A review of the new GASB Pension and OPEB Standards will be covered with class exercises on actuarial accounting valuations in financial reporting and note disclosures.
Learning Objectives
• Determine governmental accounting and financial reporting basics, including a review of an Annual Comprehensive Financial Report (ACFR)
• Recognize different standards for governmental activities and business-type activities
• Identify and review GASB Statement No. 34, Basic Financial Statements—and Management's Discussion and Analysis—for State and Local Governments
Major Topics
• Governmental environment: cities, counties, special districts and other agencies
• GASB 34 accounting and financial reporting, including measurement focus, the basis of accounting and f und accounting
• Governmental auditing issues, including risk assessment and internal controls and compliance
• GASB Pension and OPEB Standards
• Update GASB's standards, including GASB No. 87, Leases
• Review GASB's Exposure Draft on Financial Reporting Model Improvements
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