Chapter012

Chapter012 - CHAPTER 12: ACCOUNTING AND REPORTING FOR THE...

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Unformatted text preview: CHAPTER 12: ACCOUNTING AND REPORTING FOR THE FEDERAL GOVERNMENT OUTLINE Number Topic Type/Task Status (re: 13/e) Questions: 12-1 Role of JFMIP in federal standards setting Identify, describe 12-1 revised 12-2 Federal GAAP standards setting Describe 12-2 12-3 Conceptual framework Describe 12-3 revised 12-4 Accounts used in federal accounting Explain New 12-5 Funds used by federal agencies Describe New 12-6 FASAB compared to GASB Contrast New 12-7 U.S. Government consolidated statements Describe 12-10 12-8 Dual track accounting Describe 12-7 12-9 Budgetary accounts used by federal agencies Identify 12-8 12-10 Financial statements for federal agencies Name 12-9 Cases: 12-1 OMB press release and audit opinions Locate, evaluate 12-1 revised 12-2 FASAB statements Internet 12-2 12-3 U.S. Government-wide financial statements Internet, evaluate 12-3 revised Exercises/Problems: 12-1 Various Multiple choice 12-1 revised 12-2 Fund balance with U.S. Treasury Compute 12-2 revised 12-3 Agency financial statements, continuation of 12-2. JE 12-3 revised 12-4 Federal agency transactions JEs and FS 12-4 revised 12-5 Statement of budgetary resources Prepare FS 12-5 revised 12-6 Transactions and statement of financing JEs and FS 12-6 12-7 DOT audit report Essay 12-7 revised 12-1 CHAPTER 12: ACCOUNTING AND REPORTING FOR THE FEDERAL GOVERNMENT Answers to Questions 12.1. There are three principal officials of the Joint Financial Management and Improvement Program (JFMIP). The Secretary of Treasury is part of the executive branch as is the Director of the Office of Management and Budget and both are responsible to the President. The Comptroller General is part of the legislative branch and is responsible to Congress. The Director of the Congressional Budget Office, also part of the legislative branch, has some responsibility for working with the three principals. The three principals of the JFMIP entered into a Memorandum of Understanding in 1990 to establish the Federal Accounting Standards Advisory Board (FASAB). That agreement described the composition of the Board to represent various stakeholders. Although the composition has been changed in more recent years, the FASAB can take credit for making tremendous progress in codifying generally accepted accounting principles for federal agencies and the federal government, as a whole, since its inception. 12.2. The Federal Accounting Standards Advisory Board (FASAB) goes through a due process much like the FASB and GASB in setting accounting and reporting standards for federal agencies and the federal government. The JFMIP laid out six steps in the process for considering accounting standards that are now followed by the FASAB. They are: Identification of accounting issues and agenda decisions....
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This note was uploaded on 04/06/2010 for the course ACCT 100 taught by Professor Smith during the Spring '10 term at Harvard.

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Chapter012 - CHAPTER 12: ACCOUNTING AND REPORTING FOR THE...

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