Preparing Federal Financial Statements Using the U.s. Standard General Ledger

Accurate Federal financial statements help build taxpayer confidence that Federally-appropriated funds are being managed as intended. If you are responsible for preparing, reviewing, or auditing Federal financial statements, you know how important these accounting functions are in supporting accountability and transparency in Federal agencies. You will learn how to effectively administer these functions using the guidelines of the United States Standard General Ledger (USSGL), as well as other regulatory requirements.

Learning Objectives

• Describe the relationship of financial statements to the federal accounting standards and associated laws and regulations
• Describe the basic format and content for financial statements
• Explain the function of OMB guidance in preparing financial statements
• Determine whether or not an agency component is subject to federal financial reporting standards
• Prepare basic financial statements, including the Statement of Budgetary Resources, in accordance with OMB and federal accounting standards
• Outline audit requirements for federal financial statements

Course Topics

Federal Financial Reporting, Legislation, and Objectives

• Building Background
• Legislative Initiatives
• Role of The Federal Accounting Standards Advisory Board (FASAB)

Federal Accounting and Reporting

• Key FASAB Documents in this Lesson
• Building Background
• Types of Accounting
• The U.S. Standard General Ledger (USSGL)
• Form and Content for Financial Statements
• Reference and Review
• Components of Federal Financial Reporting
• Sections of Agency Financial Statements

Preparing the Basic Federal Financial Statements

• Building Background
• General Instructions for Preparing Federal Financial Statements
• The Accounting Cycle
• Generating Principal Financial Statements
• Using the Crosswalk

Notes to the Financial Statements

• Building Background
• Importance of Notes to the Financial Statements
• Notes to the Financial Statements

Auditing Agency Financial Statements

• Building Background
• Guidance on Audits
• Financial Statement Audits
• Major Phases of Audits
• Summary