Governmental Accounting, Financial Reporting and Budgeting Certification Course

Why select this training course?

Governments can’t be held accountable unless they provide citizens with accurate and valuable financial data. Short-term financial situation and liquidity, fiscal and regulatory compliance, and long-term concerns like capital budgeting and administration are just a few examples of the wide range of demands or goals that government financial reports must address. Furthermore, distinct consumers have variations in the specificity level required.

What type of accounting does the government use? 

The most common accounting method utilized by government agencies worldwide is the modified accrual accounting method. This method combines accrual-basis accounting with cash basis accounting to identify available and measurable revenues and record expenditures whenever liabilities are incurred. However, public companies cannot use this accounting technique for reporting financial statements because it does not comply with generally accepted accounting principles, also known as GAAP.

What is the relationship between budgeting and financial reporting in government? 

Budgeting and financial reporting are two vital concepts in governance. These concepts are needed in the management and operation of government, they are essential for effective government decision-making, and failure to include accounting information in the budgeting process would deprive policymakers of vital data needed in weighing alternative resource allocations.

The Governmental Accounting, Financial Reporting, and Budgeting Certification Training Course by Rcademy has been created to provide participants with vital knowledge about accounting, budgeting, and financial reporting. Participants will also learn how governments utilize financial reporting to account for public resources spent and public assets they hold on behalf of the public. They will also gain vital insights into government accounting procedures, including analyzing, recording, interpreting, and reporting the financial transactions of governments and how they differ from accounting for organizations within the non-profit sector.

Who should attend?

The Governmental Accounting, Financial Reporting, and Budgeting Certification Training Course by Rcademy is designed for professionals within the finance and accounting industry and for persons looking to further their interest within the sphere of government accounting practices. The following individuals should attend this course:

• Accountant: responsible for managing and reporting the financial data of organizations and government agencies
• Budgets Managers: charged with ensuring that the expenses of the accounts they manage do not exceed the budget units allocated
• Financial Planners: responsible for meeting the short-term and long-term financial needs of clients
• Heads of Government Departments: responsible for monitoring, researching, training, and managing financial expenditures of government
• Financial Managers: tasked with performing economic analyses and managing the finances of an organization or government body
• Auditors: responsible for reviewing and verifying the financial records and expenses of a government or company
• Public Sector Purchasing and Procurement Managers: responsible for managing the sourcing capabilities of a company
• Departmental Budget Holders: tasked by a company’s stakeholders to ensure that the company follows its approved budget
• Public Sector Budget Accountants: charged with overseeing the effective operations of financial activities and accounting within the public sector
• Chief Accounting Officers: responsible for overseeing the accounting functions of a company and also ensuring the company is tax compliant
• Treasury Managers: in charge of managing a company’s cash flow and revenue sources and also responsible for its long-term financial strategy
• Professionals: interested in the budgeting, accounting, and financial reporting practices of the government

What are the course objectives?

This Governmental Accounting, Financial Reporting, and Budgeting Certification Course by Rcademy is designed to help participants achieve the following outcomes:

• Learn about the various governmental accounting standards, budgeting methods, and financial reporting practices
• Understand and comprehend the various financial statements issued by the different levels of government, such as federal, state, and local governments
• Prepare budgets that are consistent with the goals and strategic plans of an organization or government department
• Understand financial concepts and terminologies
• Understand how to measure, classify and report governmental revenues and their sources and expenditure
• Recognize the impacts of long-term fiscal liabilities and capital assets at the level of fund reporting as well as at the level of government-wide financial statements
• Identify and differentiate government accounting from the private sector and non-profit organizations’ accounting practices
• Identify the financial reporting structures utilized by governments
• Determine the correct costs to be included in government capital expenditure proposals
• Determine the characteristics and features of various bases of accounting and how they are utilized
• Identify the types of government funds that are likely to have budgets associated with them
• Understand the various government funds and their respective accounting structures
• Recognize the circumstance under which a government accounting policy is meant to be disclosed
• Understand the contents of the components of a government’s comprehensive annual financial report statement
• Determine the various kinds of demographic and economic indicators

How will this course be presented?

This course is participant-oriented and is specially designed to meet participants’ expectations and enhance their knowledge and skills. Various proven practical approaches and techniques that will ensure constant and active learning by the participants will be used to deliver the course. Professionals will teach the course with various experiences and practices. The course modules are curated from in-depth and extensive research on the subject matter.

The Rcademy course on Governmental Accounting, Financial Reporting, and Budgeting Certification Course includes practical and theoretical learning by providing participants with slides on the concept, case studies, lecture notes, and real-life scenarios. Attendees will also be able to partake in quizzes, presentations, seminar workshops, and constant feedback on the lessons learned to confirm their optimal satisfaction.

What are the topics covered in this course?

Module 1: Overview of Government Accounting

• Introduction and definition of terminologies
• Basic Concepts in Government Accounting
  – Fund Accounting
  – Budgetary Accounting
  – Accrual Accounting
• Cash versus Accruals accounting
• Expenses versus expenditures
• Capital assets and long-term liabilities
• Standard setting
• Budgets, encumbrances, and reserves
• Cost accounting and performance reporting
• Modified accrual basis of accounting
• Principles of Macroeconomics and fiscal policy
• Types of government financial decision-making
• Dimensions of New Public Management (NPM)

Module 2: Fundamentals of Financial Reporting and Budgeting

• Definitions of terms
• Understanding the budgeting process
• Types of budgets
• Variance analyses
• Key issues for governmental accounting
• Responsibility accounting and absorption costing
• Government-wide financial reporting
• Accounting standards and financial reporting
• Fund accounting and reporting
• Reporting liabilities and capital assets
• Preparing and managing budgets
• Users of governmental financial reports
• Governmental reporting framework

Module 3: Analysis and Interpretation of Financial Reports

• Introductions to the fundamentals of analyzing financial reports
• Measuring and managing profitability
  – Income Ratios
  – Working Capital Ratios
  – Liquidity Ratios
  – Bankruptcy Ratios
  – Profitability Ratios
• The Shareholder Value Concept
• Measuring and Managing Liquidity
• Predicting Corporate Distress and Failure
• Forecasting Financial Positions and Financial Performances
• Impacts of Gearing on Risks and Shareholder Value

Module 4: Cash Flow Statements and Reporting

• Cash Flow Ratios
• Working Capitals
• Working Investment Ratios
• Cash Flow Forecasting Techniques
• Equity Capital and Debt Capital
• Leases
• Cash and Profits
• Optimising Working Capitals
• Understanding business cash flow drivers
• Government accounts; purpose, structure, and presentation
• Structures and presentation of cash flow statements

Module 5: Designing and Presenting Effective Financial Reports

• Understanding basic financial terms
• Integrated Reports: structure, purpose, and Presentation
• Developing and utilizing business dashboards
• Integrating Excel graphics in internal reports
• Recent developments in integrated reporting (IR)
• The limitations of financial reports
• Making effective financial presentations
• The budget as a key financial statement
• Strategic planning processes

Module 6: Fund Types and Methods of Accounting

• Types of Funds
  – Fiduciary Funds
  – Proprietary Funds
  – Agency Funds
  – Pension Trust Funds
  – Enterprise Funds
• Interfund Activity Processes
• Governmental Businesses; Types and Activities
• Governmental Accounting Measurements
• Incorporating the Commercial Model
• Accounting Rate of Return
• Analysis into Quarters and Months

Module 7: Public Sector Budgeting

• Introduction to public sector budgeting
• Setting goals and measuring outcomes
• Objectives of public sector budgets
• Budget layers
• Financial and non-financial performance measures
• Human aspects and dysfunctional budgeting
• Methods for forecasting income and Costs
• Outcome-focused budgeting for the public sector
• Principles of capital budgeting
• Cost control and management budget reports

Module 8: Financial Reporting in the Public Sector

• Principles of public sector financial management
• The five elements of financial statements
• Principles for the determination and measurement of assets and liabilities
• Features of public sector financial accounts
• Comparative analysis of the International Public Sector Accounting Standards Board (IPSASB) and International Accounting Standards Board (IASB) frameworks
• Characteristics and Nature of public sector income and Expenses
• Communication methods

Module 9: Advanced Forecasting Techniques

• Extrapolation
• Formal financial models
• Regression analysis
• Utilizing the average
• Time series analysis and correction
• The dividend decision
• Computer-based methods
• The forecaster’s toolbox
• Managing and improving spending deficits

Module 10: Managing Governmental Services

• Budgeting for outcomes
• Managing for results
• Traditional strategic planning
• Reporting performance measures
• Budgeting beyond the box
• Strategic planning

Module 11: Prospects and Challenges

• Understanding public sector accounting reforms
• Rising issues within the finance sector
• Global trends and practices
• Key issues for governmental accounting
• Thinking outside the box
• CEO/CFO certification
• 8th Company Law Directive
• Inflation and public sector expenses