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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