ch11 - Chapter 11 - Accounting and Reporting for the...

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Chapter 11 - Accounting and Reporting for the Federal Government 11-1 CHAPTER 11: ACCOUNTING AND REPORTING FOR THE FEDERAL GOVERNMENT OUTLINE Number Topic Type/Task Status (re: 14/e) Questions: 11-1 Role of OMB, GAO, Treasury, CBO in federal standards setting Identify, describe 12-1 revised 11-2 Federal GAAP standards setting Describe 12-2 11-3 Conceptual framework Describe 12-3 11-4 Accounts used in federal accounting Explain 12-4 11-5 Net position and net assets Compare New 11-6 FASAB compared to GASB Contrast 12-6 11-7 U.S. Government consolidated statements Describe 12-7 11-8 Dual track accounting Describe 12-8 11-9 Budgetary accounts used by federal agencies Identify 12-9 11-10 Financial statements for federal agencies Name 12-10 revised Cases: 11-1 OMB press release and audit opinions Locate, evaluate 12-1 revised 11-2 FASAB statements Internet 12-2 revised 11-3 U.S. Government-wide financial statements Internet, evaluate 12-3 revised Exercises/Problems: 11-1 Various Multiple choice 12-1 revised 11-2 Fund balance with U.S. Treasury Compute 12-2 revised 11-3 Agency financial statements, continuation of 12-2. JE 12-3 revised 11-4 Statement of net cost JEs and FS New 11-5 Statement of budgetary resources Prepare FS 12-5 11-6 Transactions and statement of financing JEs and FS 12-6 11-7 DOT audit report Essay 12-7 revised
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Chapter 11 - Accounting and Reporting for the Federal Government 11-2 CHAPTER 11: ACCOUNTING AND REPORTING FOR THE FEDERAL GOVERNMENT Answers to Questions 11-1. The three principals of the Joint Financial Management Improvement Program (JFMIP) are (1) the Controller General of the United States, who is head of the Governmental Accountability Office, the auditing arm of the legislative branch, (2) the Secretary of the Treasury who is part of the executive branch, and (3) the Director of the Office of Management and Budget, also part of the executive branch. Federal statutes in 1950 assigned responsibility to these principals for establishing and maintaining a sound financial management structure for the federal government. These principals sponsored the Federal Financial Accounting Standards Board (FASAB) in 1990 as a permanent standards-setting organization to establish generally accepted federal accounting standards, much like the FASB and GASB do for the business and nongovernmental and governmental sectors. The principals play similar roles in standards-setting in that they each have a representative of their organization on the FASAB (among other members) and they collectively receive recommendations from the FASAB on accounting principles and standards. If the principals agree, the Comptroller General and the Director of the OMB publish the accounting principles and standards. By 2004, the principals, satisfied with the operations of the FASAB, delegated
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ch11 - Chapter 11 - Accounting and Reporting for the...

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