Federal Accounting Standards

Course ID: 112                         Course Length: 2 day(s)

Overview:

This course is a review of Federal Financial Accounting Concepts and Standards, with emphasis placed on accounting for assets, which include inventory and related property, property, plant, and equipment, other selected assets.

Objectives:
At the end of the workshop participants should be able to:

• Review how and why Federal accounting policies are developed.
• Discuss the role of the Federal Accounting Standards Advisory Board (FASAB) in support of financial accounting and report in the federal government.
• Evaluate the impact of statements of Federal Financial Accounting Standards on the principle financial statements.
• State how results of operations are reflected in the public record.
• Apply accepted approaches to record keeping and accounting.
• Acquire basic, detailed knowledge of accounting in the federal government.

Topics:

• Statement of Federal Financial Accounting Concepts 1-6
• Budgetary Integrity
• Operating Performance
• Stewardship
• Systems and Controls
• Statement of Financial Accounting Standards 1-33
• Accounting for Inventory and Related Property
     Inventory Held for Sale
     Operating Materials and Supplies
     Stockpile Materials
     Seized and Forfeited Property
     Foreclosed Property
     Goods Held under Price Support and Stabilization Programs
• Accounting for Property, Plant and Equipment
     Property, Plant and Equipment (PP&E)
     General PP&E
     Deferred Maintenance
     Cleanup Costs
• Heritage Assets and Stewardship Land

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