Course Information

This intermediate-level session builds on basic concepts to explore more complex governmental accounting topics including capital assets, long-term liabilities, and interfund transactions.

Objectives

1. Apply proper accounting treatment for capital assets and depreciation in governmental entities.

2. Account for long-term debt and other liabilities.

3. Record and report interfund activities and transactions.

Outline

Part 1: Review of Foundational Concepts

1.a: Quick review of fund accounting basics

1.b: Overview of intermediate topics

Part 2: Capital Assets

2.a: Recognition and initial measurement

2.b: Depreciation methods and useful lives

2.c: Infrastructure assets and modified approach

2.d: Impairment of capital assets

*Exercise: Capital asset accounting scenarios

Part 3: Long-Term Liabilities

3.a: General obligation bonds

3.b: Revenue bonds

3.c: Leases under GASB 87

3.d: Other long-term obligations

*Exercise: Debt issuance and amortization

Part 4: Interfund Activities

4.a: Interfund loans and advances

4.b: Interfund services provided and used

4.c: Interfund transfers

4.d: Eliminations in government-wide statements

*Exercise: Recording and reporting interfund transactions

Part 5: Special Topics and Q&A

5.a: Deferred inflows and outflows of resources

5.b: Net position and fund balance classifications

5.c: Debrief and closeout

Completion of Governmental Accounting - Basic or equivalent experience. Government accountants and finance professionals with 1-3 years of experience in governmental accounting.