Federal Government Accounting - MCCC
[Pages:85]Federal Government Accounting
Chapter 19
Learning Objectives
Understand federal financial management environment, including the roles and responsibilities of various federal organizations
Identify sources of GAAP for the federal government financial report
Understand the federal accounting model
Learning Objectives (continued)
Explain basic budgetary process & terminology used by the federal government
Prepare basic budgetary accounting entries and basic proprietary entries for a federal agency
Understand the financial statement requirements for federal agencies
Understand the financial statements presented for the U.S. Government as a whole
Basis for Federal financial management found in Constitution
No money shall be drawn from the treasury, but in consequence of appropriations made by law; and a regular statement and account of the receipts and expenditures of all public money shall be published from time to time.
Article I, Section 9
Financial Accounting Responsibilities
Oversight agencies
Department of the Treasury Office of Management and Budget (OMB) Government Accountability Office (GAO)
Federal Accounting Standards Advisory Board (FASAB)
Individual agencies
Department of the Treasury
Acts as chief accountant and banker
Primary functions
Central accounting & reporting, including developing government-wide consolidated financial statements
Cash receipt & disbursement management Management of the public debt Supervision of agency borrowing from the Treasury Maintenance of government-wide Standard General
Ledger (SGL) Issue Treasury Financial Manual which contains agency
proprietary reporting requirements and requirements to implement the SGL
Office of Management & Budget
Broad financial management powers, including preparing executive budget
Primary duties:
Apportion enacted appropriations among agencies and establish reserves in anticipation of cost savings, contingencies, etc.
Set requirements for accounting & reporting on budget execution
Prescribe form & content of financial statements Provide guidance on all matters related to budget
preparation & execution
Government Accountability Office
Headed by Comptroller General of US Primary duties
Serves Congress in the general oversight of the executive branch
Independent legislative auditor of federal government
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