Martha A Lindley
B BUS 449
Examines accounting and reporting practices in governments, universities, hospitals and charitable foundations. Focuses on fund accounting fundamentals, followed by a review of current challenges in budgeting, auditing, and reporting to multiple stakeholders. Prerequisite: minimum grade of 1.7 in B BUS 363.
please see blackboard AC 449 is an intensive study of the accounting and financial reporting procedures for governmental and nonprofit organizations. Promulgated accounting standards, conceptual issues, and special topics will be examined.
This course is for students interested in the accounting practices of governmental entities and nonprofit organizations. While many classes focus on governmental accounting, we will also introduce the AICPA Accounting and Audit Guide for Not for Profit Organizations. The conceptual foundation provided by the course will be especially beneficial to students who anticipate careers in the governmental or nonprofit sector. For students that become practicing public accountants, you will find the course useful when called upon to provide accounting and auditing services for governmental entities and nonprofit organizations.
Additionally, the course will help students prepare for the relevant portion of the CPA examination. Recent surveys indicate 8 – 12% of the exam covers governmental organizations and 8-12% of the exam covers nonprofit organizations; therefore this class provides instruction on 16 – 24% of the exam.
Student learning goals
• Identify and explain the characteristics that distinguish governmental and nonprofit entities operationally and in financial statement reporting.
• Identify the authoritative bodies responsible for setting financial reporting standards for state and local governments and nonprofit organizations.
• Understand the audit challenges of these types of entities.
• Prepare financial statements according to GASB 34 requirements.
• Prepare financial statements according to ASC 810 (fka FASB 117).
General method of instruction
Class assignments and grading
please see blackboard