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Management Concepts

Statements of Federal Financial Accounting Standards (SFFAS)

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Next dates

Aug 8—9
2 days
Washington, District of Columbia, United States
USD 729
USD 364 per day
Sep 9—10
Online
USD 729
Nov 14—15
2 days
Washington, District of Columbia, United States
USD 729
USD 364 per day
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Description

The standards contained in the Federal Accounting Standards Advisory Board (FASAB) provide Federal financial managers and accounting personnel the historical context to effectively carry out their responsibilities. You will develop the foundational knowledge to ensure your organization complies with these standards by building background knowledge of the different FASAB documents. Then you will test that knowledge through exercise and discussions. You will also gain insight into practical application by examining an actual Federal financial report.

Learning Objectives

  • Discuss the role of FASAB in supporting financial accounting and reporting in the federal government
  • Apply the federal accounting standards
  • Evaluate the impact of the Statements of Federal Financial Accounting Standards (SFFAS) on the principal financial statements
  • In accordance with standards, evaluate business events to determine the impact on: accounting for and reporting on assets, liabilities and net position; accounting for property, plant, and equipment (PP&E), and cleanup costs; reporting on deferred maintenance and other supplementary information; reporting and disclosing revenue; and reporting and disclosing expenses

Course Topics

Setting the Context: Federal Financial Accounting and Accounting Standards

  • Key FASAB Documents in This Lesson
  • Building Background
  • Budgetary and Proprietary Accounting Processes
  • Role of FASAB
  • FASAB Composition
  • FASAB Documents
  • FASAB Due Process
  • Selected Statements of Federal Financial Accounting Concepts
  • Resolving Issues: Navigating GAAP at the Federal Level
  • Exercise: Review of Federal Financial Accounting and Accounting Standards

Required Financial Statements

  • Key FASAB Documents in This Lesson
  • Building Background
  • Form and Content for Financial Statements
  • Balance Sheet
  • Statement of Net Cost
  • Statement of Changes in Net Position
  • Statement of Budgetary Resources
  • Statement of Custodial Activity
  • Statement of Social Insurance
  • Statement of Changes in Social Insurance Amounts
  • Notes to the Financial Statements
  • Other Information
  • The Consolidated Financial Report of the U.S. Government
  • Exercise: Review of Required Financial Statements

Accounting for Assets: Selected Assets

  • Key FASAB Document in This Lesson
  • Introduction
  • Building Background
  • Accounting for “Selected” Assets
  • Fund Balance with Treasury
  • Cash
  • Investments
  • Accounts and Interest Receivable
  • Advances and Prepayments
  • Exercise: Review of Accounting for Selected Assets

Accounting for Assets: Direct Loans and Loan Guarantees

  • Key FASAB Documents in This Lesson
  • Introduction
  • Building Background
  • Direct Loans
  • Loan Guarantees
  • Federal Credit Reform
  • The Direct Loan and Loan Guarantee Process
  • Pre-1992 Direct Loans and Loan Guarantees
  • Post-1991 Direct Loans and Loan Guarantees
  • Modifying Direct Loans and Loan Guarantees
  • Exercise: Review of Accounting for Direct Loans and Loan Guarantees

Accounting for Assets: Inventory and Related Property

  • Key FASAB Documents in This Lesson
  • Introduction
  • Building Background
  • Inventory
  • Operating Materials and Supplies
  • Stockpile Materials
  • Seized and Forfeited Property
  • Forfeited Property
  • Foreclosed Property
  • Goods Held under Price Support and Stabilization Programs
  • Exercise: Review of Accounting for Inventory and Related Property

Accounting for Assets: Property, Plant, and Equipment (PP&E)

  • Key FASAB Documents in This Lesson
  • Introduction
  • Building Background
  • PP&E Classification
  • General PP&E
  • Recognition and Disclosure
  • Exercise: Property, Plant, and Equipment: Scenario 1
  • Internal Use Software
  • Exercise: Review of Accounting for Property, Plant, and Equipment (PP&E)

Accounting for Liabilities

  • Key FASAB Documents in This Lesson
  • Introduction
  • Building Background
  • “Selected” Liabilities
  • Types of Liabilities
  • Contingent Liabilities
  • Federal Debt
  • Pensions and Similar Benefits
  • Insurance and Guarantee Programs
  • Capital Leases
  • Accounting for Cleanup Costs
  • Accounting for Social Insurance
  • Required Supplemental Information (RSI) – Component Entities
  • RSI?Consolidated Government Wide Entity
  • Exercise: Review of Accounting for Liabilities

Accounting for Revenue and Other Financing Sources

  • Key FASAB Documents in This Lesson
  • Introduction
  • Building Background
  • Exchange Revenue
  • Nonexchange Revenue
  • Other Financing Sources
  • Changes Implemented through SFFAS 27 and SFFAS 43
  • Accounting for Fiduciary Activities
  • Exercise: Review of Accounting for Revenue and Other Financing Sources

Accounting for Expenses

  • Key FASAB Documents in This Lesson
  • Introduction
  • Accumulate and Report Costs
  • Responsibility Segments
  • Report the Full Costs
  • Inter-Entity Costs
  • Consistent Use of Appropriate Costing Methodologies
  • Additional Guidance
  • Public Assistance and Grant Programs
  • Exercise: Review of Accounting for Expenses

Required Supplementary Information (RSI)

  • Key FASAB Documents in This Lesson
  • Introduction
  • Building Background
  • Management Discussion and Analysis (MD&A)
  • Other RSI
  • Exercise: Review of Required Supplementary Information (RSI)

Stewardship Assets and Investments

  • Key FASAB Documents in This Lesson
  • Introduction
  • Building Background
  • Stewardship PP&E
  • Stewardship Investments (RSSI)
  • Exercise: Review of Stewardship Assets and Investments

Who should attend

This course is designed for Federal financial management personnel responsible for updating, reviewing, or determining the reliability of accounting data pertaining to assets, liabilities, net position, revenue, expenses, gains, and losses as well as personnel responsible for preparing the audited financial statements for an agency.

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