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Introduction to Federal Accounting and Reporting
Learning objectives

Practical concerns about financial controls and accountability for public funds are as foundational to our democratic ideals as due process.  The U.S. Constitution anticipates the segregation of financial duties between the executive and legislative branches to promote strong controls.  In addition, federal regulations similarly divide responsibilities at the Federal department level to provide accounting, budgetary and audit controls over accounting and reporting at the agency level.  The dual track accounting system required for federal agencies integrates budgetary and actual transactions.  At the conclusion of this session you will be able to:

  • Identify the roles and responsibilities of various federal departments in the development of accounting principles and the administration of accounting, budgeting and auditing issues.
  • Describe the financial reporting and accounting theory published by the Federal Financial Accounting Standards Advisory Board (FASAB) in their Statements of Federal Financial Accounting Concepts.
  • Describe the account structure of the U.S. Standard General Ledger and the systems that comprise federal data gathering.
  • Apply bookkeeping procedures to dual track accounting requirements from transactions through the financial statements.
John Lord

Instructor bio

John has extensive teaching experience serving as a Professor at Stanford, UC Berkeley, San Francisco State, San Jose State, and is the Director and Lead Faculty of the CPA Applied Program at Golden Gate University. While teaching college courses and leading audits with the Government Accountability Office, John has been the Lead Faculty for Becker Professional Education in Northern California for nearly 30 years. In addition to teaching live CPA classes, John has been involved in recruiting, training, and developing CPA instructors throughout the State of California. John is also an author and national instructor for Becker’s Continuing Professional Education program focusing on governmental accounting and auditing topics.

Before retiring in 2014, John served as a Senior Audit Manager for the Government Accountability Office which is the audit, evaluation, and investigative arm of the U.S. Congress. In his capacity with the GAO, John led audits of the Bureau of Public Debt, Federal Reserve and IRS. He has also led work with the GAO reviewing the accounting and auditing standards setting process in the United States where he was actively involved with the Financial Accounting Standards Board and the AICPA’s Auditing Standards Board. John holds a Bachelor of Science Degree from the California State University in Hayward, California and is an active U.S. Certified Public Accountant and past President of the Association of Latino Professionals in Finance and Accounting.

National Registry of CPE Sponsors

A Becker Professional Education is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org

Becker Professional Education Sponsor I.D. Numbers NASBA: 107294, New York: 002087, New Jersey: 20CE00226700, Texas: 009580, Ohio: CPE.186, Illinois 158.002405, Pennsylvania: PX177823

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