Description:
The Governmental Accounting Standards Board (GASB) was established in 1984. The GASB develops and issues accounting standards for state and local governments. When the GASB was formed, the first standard issued (GASB Statement No.1) gave authoritative status to the in-force and currently effective National Council of Government Accounting (NCGA) pronouncements and the AICPA Industry Audit Guide. The GASB issued additional accounting and financial reporting standards for state and local governments from 1984 through 2014. As of December 31, 2014 the GASB codified all accounting and reporting standards for state and local governments currently effective as of that date. Additions or amendments to the standards are added to the Codification.

The current GASB accounting and reporting standards are codified and organized into five parts: Part I - General Principles; Part II - Financial Reporting; Part III - Measurement; Part IV - Specific Balance Sheet and Operating Statement Items; and Part V - Stand-Alone Reporting and Specialized Units and Activities.
Parts I-III follow a textbook-type format and present topics of general interest in accounting and financial reporting. The organization of Parts I and II is based on the twelve basic principles of accounting and financial reporting established by the National Council of Government Accounting (NCGA Statement 1). This course will focus on Parts I and II, the basic principles of accounting and financial reporting for state and local governments.

Delivery Method:

Level: Overview

Prerequisites: None

Advanced Preparation: None

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Author: Delta Publishing

Category: Accounting and Auditing

Field of Study: Accounting - Government

Passing Score: 70%

Publication Date: 02/05/2019

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Objectives:
Chapter One: General Principles
1. Recognize the general principles of government accounting
2. Recognize the use of funds
3. Identify the different bases used in government accounting
4. Recognize modifications used in government accounting

Chapter Two: Comprehensive Financial Report
1. Identify the financial reporting requirements
2. Recognize the components of a Comprehensive Annual Financial Report
3. Recognize the elements of the financial statements

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NASBA: Yes

QAS: Yes

CPA: Suitable for all CPAs

IRS: No IRS credit for Enrolled Agents.