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,. | Accounting for Governmental & Nonprofit Entities JACQUELINE L. RECK SUZANNE L. LOWENSOHN 17/e Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1 Accounting and Reporting for the Federal Government C H A P T E R 17 2 Learning Objectives 17-1 Describe the financial management structure and the process for establishing generally accepted accounting principles for the federal government. 17-2 Explain the concepts underlying federal accounting and financial reporting. 17-3 Describe federal government-wide and agency performance and financial reporting requirements. 3 1 Learning Objectives 17-4 Understand and record budgetary and proprietary journal entries and prepare financial statements for federal agencies. 17-5 Compare accounting for state and local governments with accounting for federal agencies. 4 1 The United States Government Federal Government Financial Management Structure The United States Code (31 . §3512) requires the head of each executive agency to establish, evaluate, and maintain adequate systems of accounting and internal control. To help ensure that federal agencies establish and maintain effective financial management systems, Congress enacted the Federal Financial Management Improvement Act of 1996 (FFMIA). FFMIA The Federal Financial Management Improvement Act of 1996 states in part that agencies must incorporate accounting standards and reporting objectives established for the federal government into their financial management systems so that all the assets, liabilities, revenues, and expenditures or expenses, and the full costs of programs and activities of the federal government can be consistently and accurately recorded, monitored, and uniformly reported throughout the federal government. Principal Officials Federal statutes (Budget and Accounting Procedures Act of 1950 and the Chief Financial Officers (CFO) Act of 1990) assign . | Accounting for Governmental & Nonprofit Entities JACQUELINE L. RECK SUZANNE L. LOWENSOHN 17/e Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1 Accounting and Reporting for the Federal Government C H A P T E R 17 2 Learning Objectives 17-1 Describe the financial management structure and the process for establishing generally accepted accounting principles for the federal government. 17-2 Explain the concepts underlying federal accounting and financial reporting. 17-3 Describe federal government-wide and agency performance and financial reporting requirements. 3 1 Learning Objectives 17-4 Understand and record budgetary and proprietary journal entries and prepare financial statements for federal agencies. 17-5 Compare accounting for state and local governments with accounting for federal agencies. 4 1 The United States Government Federal Government Financial Management Structure The
