Assets and Liabilities: State and Local Governments (Completed)

Some may be mystified by accounting and financial reporting for states and local governments. Yet, for most assets and liabilities, the accounting for state and local governments is similar to that of for-profit and not-for-profit organizations. Of course, there are major differences as every Citizen has an interest in their government’s operations. Hear about specific assets and liabilities for state and local governments and their differences from other organizations during this 2-hour session.

Topics Covered

• Types of Accounts
• Definitions
• Accounting Principles Issued by the GASB
• The Two Measurement Focuses and Bases of Accounting That Have Impact on Recognizing Assets and Liabilities - Examples of Differences
• Specific Assets and Liabilities:
  • Cash and Investments
  • Receivables
  • Capital Assets, intangible assets, and right-to-use assets
  • Other Assets
  • Deferred Outflows of Resources
  • Accounts Payable (and similar)
  • Long-Term Debt
  • Pension, Postemployment and Other Employee Benefit Liabilities
  • Leases (and similar arrangements)
  • Risk Management, Claims and Judgments
  • Other Liabilities
  • Deferred Inflows of Resources

Learning Objectives

• Differentiate between state and local government recognition and reporting of assets and liabilities
• Recognize why state and local government accounting and financial reporting is (and should be) different than other entities
• Identify examples of an asset found in state and local government financial statements
• Identify resources with a present service capacity that the entity presently controls
• Describe components of cash and cash equivalents
• Differentiate types of investments reported at fair value
• Understand the differences between capital assets, intangible assets, and right-to-use assets
• Describe asset impairments
• Recognize which GASB Statements are directly involved with plan accounting and financial reporting
• Identify a type of business activity as opposed to a type of fiduciary activity
• Identify the four different areas of liabilities that may be on a government's financial statement
• Identify the two elements of risk management

Level
Overview

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
None

Advance Preparation
None