Lecture note Government and not-for-profit accounting: Concepts and practices (7th edition) – Chapter 17: Federal government accounting

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Lecture note Government and not-for-profit accounting: Concepts and practices (7th edition) – Chapter 17: Federal government accounting. Chapter 17- Federal government accounting. In this chapter, the learning objectives are: Understand the unique characteristics of federal government, roles of the main agencies responsible for federal accounting and reporting, key objectives of federal financial reporting, concept of a unified budget,…
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Lecture note Government and not-for-profit accounting: Concepts and practices (7th edition) – Chapter 17: Federal government accounting. Chapter 17- Federal government accounting. In this chapter, the learning objectives are: Understand the unique characteristics of federal government, roles of the main agencies responsible for federal accounting and reporting, key objectives of federal financial reporting, concept of a unified budget,….

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Click icon to add picture Chapter 17 Federal Government Accounting Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 17 | 1 All rights reserved. Thoughts to Ponder “Rather than fight the same tired battles that have dominated Washington for decades, it’s time to try something new. Let’s invest in our people without leaving them a mountain of debt. Let’s meet our responsibility to the citizens who sent us here. Let’s try common sense.” - President Barack Obama Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 17 | All rights reserved. Learning Objectives Understand the unique characteristics of federal government Roles of the main agencies responsible for federal accounting and reporting Key objectives of federal financial reporting Concept of a unified budget Types of accounts maintained by federal government Federal Reporting Entity Form and content of government-wide and agency financial reports Main accounting issues addressed by FASAB Key International trends in governmental accounting Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 17 | All rights reserved. Unique Characteristics of the Federal Government •Range of its activities for ex., defense, social security •Diversity of its resources for ex., military hardware, national parks •Nature of its obligations for ex., social security benefits •Extent of its powers for ex., print currency, regulate commerce Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 17 | All rights reserved. FederalAccounting and Reporting •Federal accounting is: • Decentralized • Each agency and department has its own accounting system and prepares its own reports. 3 Federal agencies responsible for financial management Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 17 | All rights reserved. Department of the Treasury Is responsible for broad range of financial functions. • Managing the public debt • Collecting receipts and making disbursements • Minting coins and printing currency • Managing government’s gold supply • Regulating the nation’s banking system Department’s divisions are: • IRS • Office of the Comptroller of the Currency • Alcohol and Tobacco Tax and Trade Bureau • U.S. Mint • Bureau of Fiscal Service • the government’s central collection and disbursing agent. • Responsible for taking in revenue from IRS and writing checks. Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 17 | All rights reserved. Office of Management and Budget OMB: One of the most powerful agencies in federal government. ◦ Assists the president in preparing federal budget ◦ Supervises executive branch agencies in implementing it ◦ Reviews each federal agency’s spending plans and evaluates the effectiveness of its programs. ◦ Oversees and coordinates financial management, information, and regulatory policies. ◦ Has responsibility of apportioning federal appropriations Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 17 | All rights reserved. Office of Management and Budget (cont’d) OMB’s responsibilities for fiscal management were expanded by the CFO Act. It established a new position of CFO of the United States and the corresponding CFO positions within each federal agency and department. The CFO is the officially designated ‘Deputy Director for Management’ and reports to the head of the OMB. The CFO Act mandated that: The federal agencies submit annual reports for independent audit. OMB prepare an annual report regarding its accomplishments and required improvements. Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 17 | All rights reserved. Government Accountability Office GAO is the watchdog (audit, evaluation and investigative) arm of the US Congress (located in the legislative branch of the US govt.) Created by the Budget and Accounting Act of 1921 The act specified that GAO was to be: independent of the executive departments Under the control of Comptroller General of the U.S. Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 17 | All rights reserved. GAO’s Responsibilities Government auditor Conduct both financial and performance examinations of federal organizations and programs Provide advice to Congress on legal issues Assist in drafting legislation and reviewing legislative proposals Reviewing and reporting to Congress on proposed rescissions and deferrals of gov. funds Resolving bid protests that challenge government contract awards Assisting gov. agencies in interpreting the laws governing public fund expenditure Adjudicating claims for and against the government Conducting special investigations into criminal and civil misconduct Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 17 | All rights reserved. Government Accountability Office (cont’d) GAO also deals with accounting and information management policy. It ensures that the Congress has current, accurate, and complete financial management data. o GAO participates with OMB and Treasury in prescribing accounting principles. o Advises other federal agencies on fiscal and related policies. o Prescribes standards for auditing and evaluating government programs.

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