Accounting for Governmental Assets and Liabilities  

Upon successful completion of this course, the user should be able to:

• establish accounting systems to administer governmental assets,

• discuss the various types of investments for governmental entities,

• determine when governmental assets are created and how to classify those assets on a governmental statement of net assets,

• identify authoritative guidance that establishes generally accepted accounting principles for governmental assets,

• describe the types of transactions that will create deferred outflows of resources,

• determine how to report liabilities for the modified accrual basis fund statements, and

• recognize liabilities that are unique in the governmental environment and how the GASB standards differ from commercial standards for recognition and reporting.