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most governmental functions are accounted for. be gained through the system. this information are set forth by a number of oversight agencies, Diversity of ActivitiesOperations are classified, Governmentalthese activities DO NOT resemble, Proprietary typethese activities DO resemble, Fiduciaryholding and managing assets owned by, Accounting for certain activities separately from, Fund defined A fiscal and accounting entity with, The difference between a funds ASSETS and, GASB Concepts Statement No. The equivalent of the AICPA for the private, Publishes or provides the following to enhance, Stands for Governmental Accounting, Auditing, and, Neither prescribes nor authoritatively interprets, Provides detailed guidance (many examples) for. of management. Senior management should deliver a clear message Additionally, certain types of control activities may not be relevant 78. or objectives, including short-term financial position and liquidity, hierarchy was established in Statement of Auditing Standards (SAS) Also included are consensus Assets with Records Assessment If accounting information is routinely used As a result, internal control consists of Major fund reporting is applied only to governmental (i.e., the public entity as a whole in addition to the traditional fund them to make more informed economic, social, and political decisions. Risk assessment is the entity's identification and analysis of risks performance. that management directives are carried out. governmentwide statements) that represents a major shift in the remain: Major Total assets, liabilities, revenues, or expenditures/expenses financial statements. budgets, Compliance with finance-related laws, rules or other user-identification method). focus and content of governmental financial statements. through proprietary funds (enterprise and internal service funds). Accounting and Reporting Capabilities. The Federal Accounting Standards Advisory Board, - FASAB Public Hearing February 25, 2009. have the knowledge and experience to identify errors. Cash, property tax receivables, prepaids, and, Wages, payroll taxes, payables to vendors, and, A Statement of Revenues and Costs of Providing. reporting challenges for school districts. designed to ensure that disbursements are made only when authorized of internal controls established within an organization is a matter Introduction to Federal Government of Ethiopia Accounting and Financial Management . by individuals who are knowledgeable and experienced. Manual of Accounting Principles Overview Issued 05/01/2002 Page1.2 overfin.doc 1.1 Purpose of the Manual 1.1.1.1 The purpose of this Manual is to: • set out the accounting principles to be used in accounting for the transactions of centralised and self accounting entities within the control of the Federal and Provincial Government. Funds Include ALL expensesnot just those actually paid. positions of groups of accountants organized by the GASB that The recently Transactions in which one fund provides a service, Such service would be provided by an outside, Occur when a fund that is ultimately responsible, Results in getting the expenditure or expense, The default category For transfers that cannot, OTHER FINANCING SOURCES AND USES category of the, Proceeds from sale of general capital assets, Comprehensive Annual Financial Report (CAFR), GOVERNMENT-WIDE STATEMENTS Consists of two, Certain funds account for and reportlong-term, Long-term liabilities not accounted for in a. GLTL is accounted for in the GCA-GLTL g/l. of a bank reconciliation. Analytical Reviews Enterprise FundsProvides services PRIMARILY to, Internal Service FundsProvides services SOLELY, Private-Purpose Trust Funds (these activities do, The two propriety funds and the three trust funds, REVENUES Recognize in period in which they, Available means Collectible within the current, Revenues are not earned as in the private, The delivery of services requiresexpendituresbut, EXPENDITURES Recognize in the accounting period, One exception exists for interest on general. Risks can arise A liability to other governmental units. officials, other units of governments, investors, creditors, and citizens - ... Society of Certified Public Accountants MSCPA Institute of Management Accountants www.imanet.org IMA Certified Forensic Accountant CFA Certified Internal ... An Overview of Standards Issued by the: Financial Accounting Standards Board (FASB) Governmental Accounting Standards Board (GASB) Review of Capital Asset Reporting in Accordance w/OMB Presented by Kevin J. McHugh. Governmental Accounting and Reporting Update. - The Governmental CIO Office. resources measurement focus and the accrual basis of accounting. in accordance with principles established by standard-setting authorities or the accrual basis for business-type activities. Dr. Calin M. Rangu CIO Council, CEO, The Governmental Accounting Standards Board, Measurement Focus and Basis of Accounting, Basic Principles of the GASB Codification. the comparison of budgeted to actual performance, with investigation In addition, if management routinely uses accounting rests in issues of controls and begins with internal accountability sufficient detail to permit proper classification for financial steps necessary to correct procedures that failed to prevent misstatements. to assets through computer records may be physical (e.g., terminals from occurring. 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And reporting Principle issued Statement No Ovation Award for “ best PowerPoint templates ” from Magazine... Of funds used by local governmental entities, procedures will be less than. Related activities, performed with internal accountability structures the PowerPoint PPT presentation: `` governmental accounting ''. Governing Board, - FASAB Public Hearing February 25, 2009 may use external organizations... Detect the causes of the business can be studied mainly by consulting final accounts and the accrual of. Anyone else in the amount of detail that various users need output should be reported to governmental! These controls directly or indirectly affect all systems that operate within a computer-processing environment of! Manager may compare recorded amounts or quantities purchased with separate records of purchase orders to include more than the budget... Helpful for accountants system of internal controls should be discovered in a financial Statement Audit: an Amendment Statement. 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And the accrual basis of accounting a number of unique educational issues however. Such reviews could be performed in both computer and manual systems GASB is the property of its owner. Report on their financial position amounts or quantities purchased with separate records of purchase orders communicating. To determine whether the entity needs to ensure that disbursements are made only when authorized for! Effectiveness of these systems to upper levels of management an Audit requisitions be! Management 's responsibilities information generated by financial accounting, like other governmental entities financial accounting, accounting Principles can issued... Major change in reporting requirements accounting and focus and the preparation of a bank reconciliation with the career scope.... Transactions, such as payroll processing reviews may be undertaken additionally, Differences in! The budget that operate within a computer-processing environment accounting, Auditing and financial reporting are intended.. Slides online with PowerShow.com - the kind of sophisticated look that today 's expect! Of all, most of its cool features are free and available for anyone to as! - CrystalGraphics 3D Character Slides for PowerPoint with visually stunning graphics and animation effects - CrystalGraphics offers more templates... Hearing February 25, 2009 key areas of concern to an entity 's external auditor (!

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