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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, | Chapter 17 Federal Government Accounting © 2016 John Wiley & Sons, Inc. All rights reserved. 1 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 © 2016 John Wiley & Sons, Inc. All rights reserved. 2 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 © 2016 John Wiley & Sons, Inc. All rights reserved. 3 Unique . | Chapter 17 Federal Government Accounting © 2016 John Wiley & Sons, Inc. All rights reserved. 1 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 © 2016 John Wiley & Sons, Inc. All rights reserved. 2 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 © 2016 John Wiley & Sons, Inc. All rights reserved. 3 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 © 2016 John Wiley & Sons, Inc. All rights reserved. 4 Federal Accounting 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 © 2016 John Wiley & Sons, Inc. All rights reserved. 5 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 .
