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Lecture Accounting for Governmental & nonprofit entities (16/e): Chapter 17 - Jacqueline, Suzanne, Earl

Chapter 17 - Accounting and reporting for the federal government. After studying Chapter 17, you should be able to: Describe the financial management structure of the federal government, describe the process for establishing GAAP for the federal government, explain the concepts underlying federal accounting and financial reporting, describe government-wide financial reporting for the federal government,. | Chapter 17 Accounting and Reporting for the Federal Government Learning Objectives After studying Chapter 17, you should be able to: Describe the financial management structure of the federal government Describe the process for establishing GAAP for the federal government Explain the concepts underlying federal accounting and financial reporting Describe government-wide financial reporting for the federal government Learning Objectives (Cont’d) Describe federal agency performance and financial reporting requirements Contrast and compare budgetary accounting with proprietary accounting Record budgetary and proprietary journal entries and prepare financial statements for federal agencies Contrast and compare accounting for state and local governments with federal agencies 17- The U.S. federal government is the largest governmental entity in the world, comprised of: Three branches of government (legislative, executive, judicial) Many offices (e.g., Office of Management and Budget) Many departments (e.g., Department of the Interior) Many independent establishments and government corporations (e.g., Postal Service, SEC, CIA) Federal Government Financial Management 17- 3 Several acts of Congress affect federal government financial management, for example: Budget and Accounting Procedures Act of 1950 Federal Managers Fiscal and Integrity Act (FMFIA) of 1982 Chief Financial Officers Act (CFO) of 1990 Government Performance and Results Act (GPRA) of 1993 Government Management Reform Act (GMRA) of 1994 Federal Financial Management Improvement Act (FFMIA) of 1996 Reports Consolidation Act of 2000 Accountability of Tax Dollars Act (ATDA) of 2002 Federal Government Financial Management 17- 3 Federal Financial Management Improvement Act (FFMIA) of 1996 Requires federal agencies to comply with established federal accounting and reporting standards. Twenty-four specific agencies are designated “Act” agencies by the GPRA of 1993 Each agency must follow | Chapter 17 Accounting and Reporting for the Federal Government Learning Objectives After studying Chapter 17, you should be able to: Describe the financial management structure of the federal government Describe the process for establishing GAAP for the federal government Explain the concepts underlying federal accounting and financial reporting Describe government-wide financial reporting for the federal government Learning Objectives (Cont’d) Describe federal agency performance and financial reporting requirements Contrast and compare budgetary accounting with proprietary accounting Record budgetary and proprietary journal entries and prepare financial statements for federal agencies Contrast and compare accounting for state and local governments with federal agencies 17- The U.S. federal government is the largest governmental entity in the world, comprised of: Three branches of government (legislative, executive, judicial) Many offices (e.g., Office of Management and