Fundamentals of Governmental Accounting and Reporting: Fund Accounting and Financial Statements

Fund accounting and reporting

Using funds

Understand how revenues and expenditures are recognized and recorded in governmental funds.

Understand how proprietary funds are used to account for a government’s business-type activities.

Understand how governments use funds to provide financial information and report the activities of assets held for others.

Learn how fund financial statements provide important information — how much was received, spent, and what remains — on how the separate components of a government performed for the year.

Who Will Benefit

• Accounting and finance professionals working in the state and local government environment
• Auditors with state and local government clients who seek a refresher in fundamental governmental accounting and reporting concepts

Key Topics

• Fund accounting and the financial reporting model
• Governmental, proprietary, and fiduciary funds
• Fund financial statements

Learning Outcomes

• Identify the governmental fund types and fund categories.
• Identify how revenues and expenditures are recognized and recorded in governmental funds.
• Recognize how proprietary funds are used to account for a government business-type activity.
• Recognize how governments use trust and custodial funds to report the activities of assets held for others.
• Identify how governments often make resource allocation decisions by fund, and how governments must provide financial information by funds in order to demonstrate accountability.