Chapter 19D - Federal Government Accounting Chapter 19...

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Unformatted text preview: Federal Government Accounting Chapter 19 Learning Objectives Understand federal financial management environment, including the roles and responsibilities of various federal organizations Identify sources of GAAP for the federal government financial report Understand the federal accounting model Learning Objectives (continued) Explain basic budgetary process & terminology used by the federal government Prepare basic budgetary accounting entries and basic proprietary entries for a federal agency Understand the financial statement requirements for federal agencies Understand the financial statements presented for the U.S. Government as a whole Basis for Federal financial management found in Constitution No money shall be drawn from the treasury, but in consequence of appropriations made by law; and a regular statement and account of the receipts and expenditures of all public money shall be published from time to time. Article I, Section 9 Financial Accounting Responsibilities Oversight agencies Department of the Treasury Office of Management and Budget (OMB) Government Accountability Office (GAO) Federal Accounting Standards Advisory Board (FASAB) Individual agencies Department of the Treasury Acts as chief accountant and banker Primary functions Central accounting & reporting, including developing government-wide consolidated financial statements Cash receipt & disbursement management Management of the public debt Supervision of agency borrowing from the Treasury Maintenance of government-wide Standard General Ledger (SGL) Issue Treasury Financial Manual which contains agency proprietary reporting requirements and requirements to implement the SGL Office of Management & Budget Broad financial management powers, including preparing executive budget Primary duties: Apportion enacted appropriations among agencies and establish reserves in anticipation of cost savings, contingencies, etc. Set requirements for accounting & reporting on budget execution Prescribe form & content of financial statements Provide guidance on all matters related to budget preparation & execution Government Accountability Office Headed by Comptroller General of US Primary duties Serves Congress in the general oversight of the executive branch Independent legislative auditor of federal government GAO Accounting & Reporting Responsibilities Prescribe principles & standards for federal agency accounting & financial reporting, internal control, accounting systems, & auditing Auditing financial statements of federal agencies Financial Accounting Standards Advisory Board Created jointly by Treasury, OMB, and GAO in 1991 Promulgates accounting principles and standards to be followed by federal agencies 10 member board One each from Treasury, OMB, GAO, and Congressional Budget Office (CBO) 6 non-federal members, one of whom serves as Chairman More information available at www.fasab.gov FASAB Accounting Standards...
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Chapter 19D - Federal Government Accounting Chapter 19...

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