Governmental Accounting 101 Series- Liabilities and Debt
Date: Tuesday, November 10, 2026
Instructor: Eric S. Berman
| Begin Time: |
11:00am Pacific Time
12:00pm Mountain Time
1:00pm Central Time
2:00pm Eastern Time |
| CPE Credit: |
2 hours for CPAs |
|
Understanding liabilities and debt is fundamental to fairly stated governmental financial reporting. State and local governments finance operations and long‑term capital needs through a wide range of bonded and non‑bonded obligations, while also carrying significant short‑ and long‑term liabilities that must be reported in accordance with GASB standards. This online course provides a clear, foundational overview of how liabilities and debt are recognized, measured, and disclosed in governmental financial statements.
Participants will explore the most common types of governmental liabilities and debt, examine how reporting differs between governmental funds, proprietary and fiduciary funds, and government‑wide financial statements, and learn how debt refunding and defeasance transactions are accounted for. The course also addresses required note disclosures and reporting considerations for long‑term obligations, equipping participants with practical knowledge they can immediately apply in state and local government financial reporting.
Who Should Attend
This course is designed for governmental accountants, auditors, finance staff, and accounting professionals who are new to governmental accounting or who need a stronger understanding of liabilities and debt reporting.
Topics Covered
- Common non‑bond liabilities of state and local governments
- Bonded debt issued by state and local governments
- Accounting and financial reporting for governmental liabilities and debt
- Debt refunding and defeasance transactions
- Long‑term obligation note disclosure requirements
Learning Objectives
- Identify the most common liabilities and debt instruments reported by state and local governments
- Explain how liabilities and debt are reported differently in governmental funds, proprietary and fiduciary funds, and government‑wide financial statements
- Describe the accounting treatment for debt refunding and defeasance transactions
- Recognize common non‑bonded long‑term obligations incurred by state and local governments
- Prepare required note disclosures related to long‑term debt and other governmental liabilities
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Accounting (Governmental) (2 hours)
Program Prerequisites
None
Advance Preparation
None
