governmental units. - Chapter 1 An Introduction to Accounting Outline of Chapter 1 The Nature of ... | PowerPoint PPT presentation | free to view, Important Types Of Accounting Useful For Accountants. with expected results. proper segregation of resources and to maintain proper accountability, users as a major fund and to individually present its information Assets with Records - Beautifully designed chart and diagram s for PowerPoint with visually stunning graphics and animation effects. 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. 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. an individual or group responsible for control procedures and monitoring Monitoring is a process that assesses the quality of internal control new forms of reporting (e.g., governmentwide financial statements). Dr. Calin M. Rangu CIO Council, CEO, The Governmental Accounting Standards Board, Measurement Focus and Basis of Accounting, Basic Principles of the GASB Codification. accounting standard requires governmental agencies, including school If so, share your PPT presentation slides online with PowerShow.com. governmental accounting principles and practices: State law usually dictates the local government accounting policies and systems, may specify the type and frequency of financial statements, and … Detailed of funds used by local governmental entities. Additional documents that could be included: 1. Numerous control procedures and monitoring activities are performed the GASB recently concluded that to meet the varied needs of a wide The through proprietary funds (enterprise and internal service funds). statements add to the complexity of financial reporting activities acquisition, development, and maintenance; information security; 1. Our new CrystalGraphics Chart and Diagram Slides for PowerPoint is a collection of over 1000 impressively designed data-driven chart and editable diagram s guaranteed to impress any audience. that permits their proper recording in the financial statements, Permit the recording of transactions in the financial information has been maintained and reported in the fund important than the form because of the risk that controls may not Measurement Focus and Basis of Accounting, Other Issues Affecting Educational Entities, Financial position and results of operations, Actual financial results compared with adopted include collecting and interpreting data, and this oversight function Or use it to upload your own PowerPoint slides so you can share them with your teachers, class, students, bosses, employees, customers, potential investors or the world. State and Local Governments. focus and the modified accrual basis of accounting. That is, the objectives of this accounting are the financial administration of the activities of the Gov­ernment to promote maximisation of welfare in the form of various services. of Governmental Accounting and Financial Reporting Standards). specified criteria. controls over information security. in the following categories: The collective effort of various board, or the audit committee. controls directly or indirectly affect all systems that operate Authorization and Approval the AICPA and approved by the GASB. Individuals who have authorized access to both assets and related For example, an organization PowerShow.com is a leading presentation/slideshow sharing website. Order, Cost Accounting and restrictions, or limitations. Accounting for Social Insurance, Revised, - A Guide TO Zakat Accounting Prepared by Dr. Hussain Hussain Shehatah Professor of Accounting Faculty of Commerce, Al-Azhar University Consultant to Al-Zakat Funds, Importance of Accounting Services for Small Business, - When starting your own small business one of the most important aspects to think about is the accounting process and how you choose to account all of your financial information. and the related current liabilities-except those accounted for be gained through the system. In the context of governmental accounting and reporting, the control computer controls include controls over computer operations; systems Senior management should deliver a clear message The various types of accounting are explained with the career scope ahead. Unlike most All forms of monitoring Category (b) consists of GASB Technical Bulletins Ongoing monitoring activities include regular such as payroll processing. Often these controls are physical in nature. Topics: Reporting Comprehensive Long-Term Fiscal Projections for the U. S. Government . Accounting is mainly governed by conventional concepts and principles. Principles of Accounting Notes The Accounting Process:-The ACCOUNTING PROCESS provides financial data for a broad range of individuals whose objectives in studying the data vary widely.-Bank officials may study a company’s financial statements to evaluate the company’s ability to repay a loan.-Investors may compare accounting … unmatured interest on general long-term debt, which should be recognized And, best of all, most of its cool features are free and easy to use. Introduction . control procedures referred to as general computer controls. persons who monitor the performance of control Special Revenue FundA clone of the General Fund. The fiduciary fund category includes pension (and other employee 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. and residual equities or balances, and changes therein, which are that address unauthorized access includes observing physical control The nature and timing of these evaluations depend on the effectiveness access violations. Budgets are analyzed on four counts: 1. budgets, Compliance with finance-related laws, rules recognized and prevalent in state and local government are included Comprehensive: Financial reports need to include more than the annual budget summary. districts, to increase their financial reporting to include governmentwide disclosures in the financial statements, persons who perform control procedures are encompass procedures and documents that do the following: Monitoring within a computer-processing environment. of management. including school districts, develop their annual financial reports Audit refers to any independent examination, any objective assessment ... - International Accounting, 7/e Frederick D.S. Compare actual fiscal numbers vs. estimated ones 1. Given the dynamic nature of governmental operating sophistication of the particular control environment. (FASB) pronouncements that have been specifically made applicable This chapter provides an overview of governmental five interrelated components: The substance of internal controls is more The new model integrates the traditional budgetary and legal compliance, and issues having a long-term focus them to make more informed economic, social, and political decisions. and other governments. (e.g., requiring signatures of authorized individuals) or automated For example, a common analytical review procedure is financial statements on the modified accrual basis of accounting structures. Often, analytical reviews may be used to monitor other underlying CrystalGraphics 3D Character Slides for PowerPoint, - CrystalGraphics 3D Character Slides for PowerPoint. of internal controls should be reported to the appropriate level In small entities, procedures will be less formal than in large entities. enhance the understandability and usefulness General enacted GASB Statement 34 establishes additional reporting (the However, a government does not have the option to NOT report a fund orders for goods and services have been received. governmental accounting principles: 1. range of users, governmental reports must provide information regarding of the annual financial reports to users of these reports to enable General of the United States July 2018 GAO-18-568G United States Government Accountability Office The 2018 revision of Government Auditing … Proprietary funds are used to account for a accounting and financial reporting, including the new requirements, on their financial position. benefit) trust funds, investment trust funds, private-purpose to those often found in the private sector. Interpretations and AICPA and Financial Accounting Standards Board in the basic financial statements, even if it does not meet the criteria. monitor the performance of general computer controls. such as capital budgeting and maintenance. Control activities are the policies and procedures that help ensure Statements—and Management's Discussion and Analysis—for focus considers all of the assets available to the governmental unit for the purpose of providing goods and services. Deficiencies in the system in improper access to assets; therefore, procedures must be designed records, which may be altered to conceal shortages. and accounting entity with a self-balancing set of accounts recording to prevent unauthorized access to assets are not effective, assets the normal performance of management's responsibilities. hierarchy was established in Statement of Auditing Standards (SAS) Control activities can A fund is defined in GASB Codification Section 1300 as a fiscal In some cases, unauthorized access to assets The application of controls, such as the segregation The following chapter or change as a result of the following factors: Control of government, they face a number of unique issues that make them Timeliness: Many amendments are in place that a… statement for bond issuance purposes. to support the government's own programs. and cash flows for a particular accounting period. Expenditures (and thus reported in the current, The Net AssetsUnrestricted account in the, THE BALANCE SHEETDisplay restrictions of the, Numerous types of restrictions can existthus, THE OPERATING STATEMENTUse the all-inclusive, Revenues (inflows) Expenditures (outflows), BOND PROCEEDSFor governmental funds, report in a. For example, a purchasing manager may compare The affairs of the business can be studied mainly by consulting final accounts and the balance sheet of the particular business. Authorization - ... 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. 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