With a fresh, straightforward approach, this Foundations in Governmental Accounting course introduces fund accounting as it relates to state and local governmental entities and those reporting under GASB. This course provides an overview of the governmental environment by bridging the gap of governmental GAAP by helping participants learn how and why governmental accounting differs from private sector accounting. The course covers various fund types, including the accounting basis and measurement focus of each type. Through creative case studies and fun activities, participants engage while learning the purpose and structure of fund accounting, including the related nuances of recognition and transactions.

This course is relevant for auditors, accountants, other service providers, and individuals associated with state and local governmental entities or their governing bodies.

Topics include:

• An overview of the governmental environment

• Why governmental accounting differs from private sector accounting
• How governments provide transparency and accountability
• Defining governmental GAAP and its regulatory framework
• Defining the funds under governmental accounting, including clarifying their intention and defining major versus nonmajor funds
• Types of funds, including identifying and practicing the accounting basis and measurement focus of each
• Fund-level revenue and expense/expenditure recognition accounting for different purposes and fund types
• Examples of accrual categories at the fund level, including differences in terms and typical items included
• Definition and purpose of deferred inflows and outflows of financial resources at the fund level

By the end of this course, participants will be able to:

• Describe an overview of the governmental environment as it applies to a variety of entities in scope
• Identify two key reasons why governmental accounting differs from private sector accounting
• List tools and systems governments use to support transparency and accountability
• Define the regulatory framework considered to be governmental GAAP
• Describe the three foundational distinctions in governmental entities
• Explain the definition of a fund and identify the purpose of fund accounting for governmental entities
• Define measurement focus and accounting basis, including naming and describing the focuses and two bases used in governmental accounting
• Describe the three primary fund types and their distinct roles
• Identify the overarching accounting basis and measurement focus of each fund type
• Describe governmental funds’ treatment of revenue, capital assets, and debt using the current measurement focus under the modified basis of accounting
• Name the governmental funds and describe examples of activities within the general fund and special revenue funds
• Explain the characteristics and examples of enterprise funds and internal service funds