This introductory course offers an overview of the Statement of Federal Financial Accounting Concepts (SFFACs) and the Statement of Federal Financial Accounting Standards (SFFASs) recommended by the Federal Accounting Standards Advisory Board (FASAB).
Accountants and auditors will obtain recent FASAB updates to the accounting standards such as exposure drafts, implementation guides and recommended accounting standards. In addition, participants will learn how to recognize, record and report on transactions and accounts covered by the standards through exercises and class discussions of FASAB meetings and newsletters. This course will bring the standards into the practical realm!
Major topics include:
General provisions and scope of SFFAS Nos. 1 through 22
and related statements on recommended accounting
standards (SRAS)
Inflow of resources from revenue, reporting of stewardship
assets, property plan and equipment, managerial cost, internal
use software and contingent liabilities
Who should attend:
The course is useful for accountants, budget analysts, or program personnel who must gather or input transaction data or prepare financial statements; auditors of the statements; and those who design, operate, or maintain supporting financial management systems.
Survey of Federal Accounting Concepts and Standards