Public Sector and Not-for-Profit Accounting
Reporting by US state and local governments and not-for-profit organizations: why governmental accounting differs from business accounting, the GASB concepts statements and the two measurement focuses, the reporting model of GASB 34 as amended by GASB 103, nonexchange and exchange revenues under GASB 33 including availability, capital assets, infrastructure, leases, SBITAs and asset retirement obligations with GASB 104 disclosures, budgetary comparisons and encumbrances, governmental, proprietary and fiduciary funds, fund balance and the reconciliation to net position, pensions, OPEB, compensated absences under GASB 101 and long-term debt, FASB ASC 958 contributions, net assets, functional expenses, liquidity and gifts in kind, Form 990, the public support test and UBIT, and the Single Audit under the 2024 Uniform Guidance and the 2024 Yellow Book, following an invented Nebraska city and a food pantry charity throughout.
ACCT-412 Year 4 3 credits 12 lessons · 4 h 37 min
Offered by HSM University · Accounting
This is the American version of this course. See the Canadian version.
What you'll learn
- Explain how the objectives, users and resource flows of governments and not-for-profit organizations differ from those of businesses, and identify the US standard setters and frameworks that apply to each type of entity.
- Apply the GASB concepts statements, including the seven elements and the economic resources and current financial resources measurement focuses.
- Prepare and interpret the government-wide and fund financial statements of the GASB reporting model as amended by GASB 103, including the statement of activities.
- Recognize derived tax, imposed nonexchange, government-mandated, voluntary nonexchange and exchange revenues under GASB 33, including availability in governmental funds.
- Account for capital assets, infrastructure under the depreciation or modified approach, leases, SBITAs and asset retirement obligations, with GASB 104 disclosures.
- Prepare a budgetary comparison schedule with encumbrances and reconcile budgetary basis results to GAAP.
- Account for governmental, proprietary and fiduciary funds, classify fund balance under GASB 54 and reconcile fund balances to net position.
- Account for pensions, OPEB and compensated absences under GASB 68, 75 and 101, and for long-term debt with related disclosures.
- Apply ASC 958 to contributions, distinguishing conditional from restricted contributions and reporting net assets with and without donor restrictions.
- Prepare not-for-profit statements with functional expense analysis, liquidity disclosures and gifts-in-kind reporting, and evaluate common performance measures.
- Apply the public support test, Form 990, UBIT, substantiation and recent federal law changes to tax-exempt organizations.
- Determine Single Audit requirements and major programs under the 2024 Uniform Guidance and describe the requirements of the 2024 Yellow Book.
Course content
12 lessons · 4 h 37 min total · final exam
- 1 Why public sector and not-for-profit accounting is different 23 min · quiz
- 2 The GASB concepts statements and measurement focus 23 min · quiz
- 3 The governmental reporting model: GASB 34 and 103 23 min · quiz
- 4 Revenue: nonexchange and exchange transactions 23 min · quiz
- 5 Capital assets, infrastructure, leases and asset retirement obligations 23 min · quiz
- 6 Budgets, budgetary control and budget reporting 23 min · quiz
- 7 Fund accounting: governmental, proprietary and fiduciary funds 24 min · quiz
- 8 Pensions, OPEB, compensated absences and long-term debt 23 min · quiz
- 9 Not-for-profit organizations I: ASC 958, net assets and contributions 23 min · quiz
- 10 Not-for-profit organizations II: functional expenses, liquidity and gifts in kind 22 min · quiz
- 11 Tax-exempt organizations: Form 990, UBIT and compliance 23 min · quiz
- 12 Single Audit, the Yellow Book and capstone 24 min · quiz
- E Final exam 20 questions
Requirements
Recommended background. You can start any course at any time.
Description
Reporting by US state and local governments and not-for-profit organizations: why governmental accounting differs from business accounting, the GASB concepts statements and the two measurement focuses, the reporting model of GASB 34 as amended by GASB 103, nonexchange and exchange revenues under GASB 33 including availability, capital assets, infrastructure, leases, SBITAs and asset retirement obligations with GASB 104 disclosures, budgetary comparisons and encumbrances, governmental, proprietary and fiduciary funds, fund balance and the reconciliation to net position, pensions, OPEB, compensated absences under GASB 101 and long-term debt, FASB ASC 958 contributions, net assets, functional expenses, liquidity and gifts in kind, Form 990, the public support test and UBIT, and the Single Audit under the 2024 Uniform Guidance and the 2024 Yellow Book, following an invented Nebraska city and a food pantry charity throughout.
Part of the Business stream, typically taken in year 4.