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Who Should Attend

Federal employees and contractors who are involved in financial management, budgeting and accounting functions, and operations;  Federal employees and contractors who are new to federal accounting; budget, financial, program, or management analysis professionals who want to diversify their knowledge; individuals who need refresher training; and employees who are in the process of transitioning from their current position to one focused on financial management.  

Course Overview

This course is designed to provide foundational knowledge of basic federal accounting guidance, principles, and practices to facilitate the monitoring, reconciliation, adjustment, reporting, and compliance of Federal programs.

Course Objectives

• Review key laws, regulations, guidance, concepts, and standards
   
• OMB Circular A-136 OMB Financial Reporting Requirements
   
• Federal Financial Management Improvement Act (FFMIA)
   
• United States Standard General Ledger USSGL
   
• Federal Accounting Standards Advisory Board (FASAB)
   
• Generally Accepted Accounting Principles (GAAP)
   
• Federal Account Symbols and Titles (FAST)
   
• Identify fund types and categories
   
• Outline the federal accounting structure and fund movement
   
• Commitment
   
• Obligation
   
• Accrual
   
• Disbursement/Outlay
   
• Understand the difference between proprietary and budgetary accounts
   
• Gain a basic understanding of General Ledger posting logic/”T” accounts
   
• Identify and understand the composition of required financial statements
   
• Management Discussion and Analysis (MD&A)
   
• Statement of Net Cost
   
• Statement of Operations and Changes in Net Position
   
• Reconciliation of New Operating Revenue and Budget Surplus