Why don't governments use the commercial model of accounting? In addition to answering this question, this program looks at the unique challenges for governmental accounting. This course provides a general overview of fundamental provisions of the statements from the Governmental Accounting Standards Board. Other issues highlighted in this course include grant management, internal controls, audit requirements, and Service Efforts and Accomplishments reporting. More specific information about pensions, financial reporting, grant management, auditing, governmental OCBOA, and budgeting can be found in related governmental courses in the Bisk catalog.

Use of Materials

Audio or DVD
The user should begin by watching the DVD segment or listening to the audio CD for the chapter before reading the text. The user may wish to make notes of the most important concepts and any terms that are new. Next, the user should review the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples. It may be helpful to highlight important material and/or to make additional notes. Next, the user should complete the study questions at the end of the chapter and review the answers. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished watching the DVD or listening to the audio CDs and reading the text and working through the study questions, s/he may wish to review her/his notes and any sections of the text or DVD or audio CDs that were difficult. When the user is ready, s/he should complete the quizzer. Reviewing notes periodically will increase retention of the material.

Online
The user should begin by watching the streamed video segment, if any, or listening to the streamed audio segment, if any, for the chapter before reading the text. The user may wish to make notes of the most important concepts and any terms that are new. Next, the user should review the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples. After the user has studied each chapter, s/he should click on the link at the left to complete the interactive study questions. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished watching the streamed video, if any, or listening to the streamed audio, if any, and reading the text and working through the study questions, s/he may wish to review her/his notes and any sections of the text or video/audio, if any, that were difficult. When the user is ready, s/he should click on the link to the left to complete the quizzer. The user's CPE certificate will be provided immediately upon successful completion of the quizzer.

Software
The user should begin by reviewing the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples. As the user studies each chapter, s/he should complete the interactive study questions that appear in the lower panel of the screen. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished reading the text and working through the study questions, s/he may wish to review her/his notes and any sections of the text that were difficult. When the user is ready, s/he should click on the link at the far left to complete the quizzer. The user should email her/his quizzer statistics using the quizzer submission link in the software and the user's CPE certificate will be mailed to her/him.

Chapter 1 explains why the governmental accounting model differs from the commercial model.

Chapter 2 defines governmental fund accounting.

Chapter 3 identifies authoritative guidance that establishes generally accepted accounting principles for governmental assets.

Chapter 4 focuses on guidance for governmental liabilities.

Chapter 5 describes the accounting for local government revenues and expenditures.

Chapter 6 reviews major characteristics of the grant management system, relevant internal controls, and defines the different types of governmental audits.

Throughout this publication, the user will find explanations and discussions regarding some of the issues that often face practitioners. In order to enhance the user's comprehension of the material and highlight important practical considerations, this publication includes the following designations:

A Biskpoint presents analysis or commentary that attempts to explain or clarify authoritative guidance.

A Bisktip provides practical advice that may be used to help improve client service or service to the practitioner's organization.

• Explain why the governmental accounting model differs from the commercial model

• Explain the importance and concepts of governmental accountability

• Determine when governmental accounting principles will apply for specific entities

• Discuss why fund accounting is a critical component of governmental accounting

• Determine what type of fund should be used to record specific governmental programs or services

• Determine when governmental assets are created and how to classify those assets on a governmental statement of net assets

• Identify authoritative guidance that establishes generally accepted accounting principles for governmental assets

• Identify the GASB standards that provide specific guidance for governmental liabilities

• Calculate the accrued liabilities that should be reported in the financial statements and the amounts that should be presented in notes to the financial statements

• List the requirements for nonexchange transactions

• Explain the accounting principles for sales and pledges of receivables and future revenues

• Explain the accounting requirements for special assessments

• Identify major characteristics of a grant management system

• Define relevant internal controls for a governmental entity

• Outline the fundamental elements of service efforts and accomplishments reporting