ACCT 772: Federal Accounting and Reporting
Course Instructor:
Office Number:
Office Hours:
Email:
Course Meeting Times:
Course Website: Canvas
Required Materials
- Certified Government Financial Manager (CGFM) Study Guides – Volumes 1, 2, and 3, Association of Government Accountants (AGA).
Please purchase your Certified Government Financial Manager (CGFM) Study Guides 1, 2, and 3, published by AGA (please be certain to purchase ALL THREE study guides). The online version of these materials is now available in the VitalSource bookstore as a six month subscription, for $50 per guide. The guides can be viewed on- and off-line, and through their Bookshelf app. To buy or access the online guides, click on the corresponding link below:- Online CGFM Study Guide 1: Governmental Environment, 2019 Edition
- Online CGFM Study Guide 2: Governmental Accounting, Financial Reporting and Budgeting, 2019 Edition
- Online CGFM Study Guide 3: Governmental Financial Management and Control, 2019 Edition
- Articles and other materials as provided.
Course Materials
Lecture videos will be made available on Canvas. The accompanying Powerpoint files will also be made available for you to take notes. Other materials are/will be made available on Canvas. However, unless otherwise indicated, I will make class materials available 72 hours in advance for those who wish to work ahead. With the online format of this class, you will be required to complete the class on-line which would normally be provided in the classroom. You will need access to a computer that has basic business software like Microsoft Office Suite and Adobe Acrobat Reader. You will also need speakers or headphones to listen to course content as well as a headset microphone for live audio sessions using tools. Please note that a fast, reliable Internet connection will be necessary to download course content and upload deliverables.
Course Website
The course is available on Canvas in your Student Portal. Log into the portal. In the Courses Tab, there is a list of courses in which you are enrolled. Click on the Course Name to open the online classroom. Please refer to the Courses Support website for more Canvas help.
MSA Program Learning Goals
Professional Skills - Our graduates will demonstrate professional skills necessary for success in the public accounting profession.
Teaming & Leading - Our graduates will demonstrate the team leadership and interpersonal skills needed to form, lead, and work effectively in diverse organizational teams.
Ethics and Professional Responsibility - Our graduates will understand the importance of ethical conduct and the regulatory environment of accounting.
Professional Communications – Our graduates will communicate effectively to professional audiences in both written and oral forms.
Analytical Decision Making - Our graduates will demonstrate analytical decision-making skills.
Accounting Research - Our graduates will effectively conduct and communicate accounting research.
Course Description
Designed to give graduate students the opportunity to learn about accounting and reporting issues facing government accounting professionals. The course discusses the differences between the federal sector and other sectors, and the integral use of budgetary accounting versus the more traditional financial accounting. Students will learn about federal reporting at both the agency and government-wide level, be introduced to innovative reporting practices in the federal government and will build critical writing and reporting skills.
Course Objectives
Upon completing this course, you will be able to:
- Understand the fundamental elements of how the U.S. Government operates and the important roles of budgetary and financial reporting.
- Understand the legal and policy framework that provide the foundation of federal financial management.
- Identify and use the basics of budgetary and proprietary accounting for the federal government.
- Critically analyze and professionally communicate an issue verbally and in writing.
- Gain an understanding and appreciation of multiple federal agencies and financial transparency through preparation of a Citizen-Centric Report and a briefing video presentation.
Introduction
I am looking forward to the opportunity to study federal accounting and reporting with you this semester! There are numerous reasons why I believe studying this topic will benefit you. The following three major reasons provide an overview of why I am excited to teach this class:
- While there are many courses about government and not-for-profit accounting both at the undergraduate and graduate levels, there are very few courses that focus exclusively on the federal sector. You are part of trailblazing effort, of sorts. This course represents one of the few efforts to emphasize how the federal government accounts for trillions of dollars in annual spending and receipts, as well as many other important and interesting metrics and trends.
- Many of the topics covered in this course will help you (and me) become better professionals in whatever career we pursue. This will not be an exclusively “crunch the numbers” course. Regardless of your chosen profession, we all should strive to become better communicators – not just what the numbers are, but what they mean. As such, this course will provide you with opportunities to hone your analytical, written and verbal communication skills. These skills will make you better consultants, auditors, tax professionals, managers, entrepreneurs, business owners and even better parents and citizens.
- In many ways, federal financial accounting and reporting emulates reporting in the private sector, but there are also many important and fascinating distinguishing features. To understand these similarities and differences, it is important to place this information in the context of how the federal government is structured, how it operates. It is important to understand.
Class Management
The class will include lecture videos, practical application assignments and exercises, critical writing, and student video presentations. The weekly schedule and assignment summary are provided below. In the “Materials/Tasks” column of the Schedule indicates the reading and/or practical tasks relevant to that session. The Study Guide references specify volume, Section, and page numbers. Other than the Study Guide materials, any additional reading/viewing materials will be available on Canvas. All other abbreviations used in the Course Calendar are noted therein.
This class will require a significant amount of time. A three-hour, 16-week, semester class, meets about three hours per week. Most academic thought believes you should spend about three times the class hours per week for outside studying and research. Doing the math, that computes to 12 hours per week for 16 weeks, or 192 total hours. For the MSA 8-week module, that works out to 24 hours per week. You probably will not need to do that every week in this class to get a passing grade. But I will emphasize, you will get out of this class what you put into it. It is expected from the University that I present the same amount of material in this class as a 16-week semester class and try to ensure you learn as much in this class as a 16-week semester class. You should expect nothing less as well.
Grading
Assignments will be reviewed and feedback will be shared with you as quickly as possible. Please be sure to submit all assignments through the appropriate submission link. Assignments will be graded according to instructions and/or rubric. Please submit your assignments by the posted date and time. A letter grade/10-point penalty will be assessed for every 24 hour delay.
Your grade in ACCT 772 will be determined as follows:
| Item | Percentage |
| Reinforcement Quizzes (5) | 20% |
| Executive Memos (2) | 10% |
| Case Study (2 parts) | 10% |
| Team Project: Citizen-Centric Report and Video | 25% |
| Final Exam | 25% |
| Class Participation | 10% |
| TOTAL | 100% |
Below is the grading scale.
| Grade | Percent |
| A | 93 - 100 |
| A- | 90 - 92 |
| B+ | 87 - 89 |
| B | 83 - 86 |
| B- | 80 - 82 |
| C+ | 77 - 79 |
| C | 70 - 76 |
| F | Below 70 |
Assignments
Reinforcement Quizzes (5) (20%) Reinforcement quizzes are based on the lecture videos. These are comprised of 5-10 questions each, are on-line and open-book/open note. However, there is a time limit, so use your time wisely. Each reinforcement quiz is based on the material covered during the week the quiz is assigned, EXCEPT for Reinforcement quiz #1, which covers content from the first TWO weeks of course material (additional time will be provided to complete Reinforcement Quiz #1).
Executive Memoranda (2) (10%) For this assignment, you will prepare two 500-word Executive Issue Memos, based on assigned articles, providing a written briefing on assigned articles. Specific instructions for each of these assignments are provided in the “Assignments” tab and in the lecture videos.
2-Part Case Study (10%) You will review a hypothetical case study about the formation and first-year operation of a fictional federal agency. You will be required to prepare calculations, journal entries, and financial statements reflecting the transactional activity provided. Specific instructions for each of these assignments are provided in the “Assignments” tab and in the lecture videos.
Citizen Centric Reporting Project (25%) For this assignment, partners/teams will prepare a maximum 4-page “citizen-centric report” based on an actual federal agency financial report. Points will be awarded for: (1) content and quality including grammar and writing style, and (2) creativity. I will assign partners once the class roster is finalized, and those partners must inform me of your top-3 agency preferences for the project by no later than 72 hours after being notified of team formation. Agencies will be assigned on a first-come, first-served basis.
Your team’s Citizen-Centric Report AND video presentation must be posted to each team’s discussion board between midnight and 11:59 p.m. on Sunday, May 8, 2022. Each presentation will be a maximum of FIFTEEN MINUTES (strictly enforced). During week 8, instead of reading assignments and video lectures from me, your assignment is to view each of your classmate’s videos and reports and to ask at least one question or make one observation on each team’s discussion board. Your discussion board engagement will contribute toward the ‘participation’ portion of your grade.
The objective of this project is to enhance your awareness of and appreciation for the broad universe of federal agencies, as well as to encourage you to develop your abilities to identify and communicate key financial and performance information and to explore the boundaries of your creativity. Financial and related information can be less than entertaining. But it is informative. Tell the financial/performance story of the agency you select in four pages. Think in terms of what is informative/useful to the public. You will be provided some guidelines and helpful hints, but I am looking for outside the box thinking. Assume you are a consultant who has been brought on to help the agency communicate important information to the public.
Please select your agency from among those provided in the attached listing. The agency names contain embedded links to their respective FY 2021 Agency Financial Report (sometimes also called Performance and Accountability Reports). I recommend focusing your research on the Management Discussion and Analysis (MD&A) section of the agency reports, but you are not limited to just the information in that section.
The AGA delivers a CCR program.
Participation & Professionalism (10%) As this is an online class, we will make significant use of discussion boards. These will take the place of in-class discussion, and your participation in the discussion boards will serve as the basis for class participation. A separate discussion board will appear for each week to provide for general discussion and for specific questions and topics. Each week, in addition to questions, please feel free to share articles and thoughts about the weekly topics. Input about your participation in the CCR project will be provided by your partner/teams.
Final Exam You will take a final exam based on lecture material. The exam will be online, open resource (videos, study guide, other class materials), with a three-hour time limit. Once you begin the exam, you must complete it within the three-hour time limit. The exam will potentially cover all content discussed during the term and will consist of multiple choice, short answer, problem-solving, and essay questions.
Association of Government Accountants (AGA)
AGA is the member organization for government financial management professionals. Through training and events, professional certification, publications and ongoing education, AGA helps members build their skills and advance their careers.
AGA is committed to increasing government accountability and transparency. The association has been instrumental in helping develop accounting and auditing standards and in generating new concepts for effective organization and administration of government financial management.
AGA is made up of more than 14,000 members, including senior executives, mid-level managers, entry-level employees, elected officials and students. Our members work in government financial management disciplines, including accounting, auditing, budgeting, financial reporting, performance reporting, grants management, contract management and information systems.
AGA membership is distributed among:
- State and Local Government Members – 42%
- Federal Government Members – 28%
- Private-Sector Members – 18%
- Academics, Non-Profits, Students and Retirees – 12%
Members connect to each other through chapters, leadership roles, networking at national events and social media. Members enjoy many benefits, including free, high-quality CPEs, discounts on national training events, and a subscription to the Journal of Government Financial Management.
There are multiple membership options, including free electronic membership for full time students. You can view the membership options here.
AGA’s Certified Government Financial Manager (CGFM) Program
The study guides that you used in this class also are the primary preparation resource for certification through AGA’s Certified Government Financial Manager® (CGFM®) program.
The CGFM is a professional certification awarded by AGA, demonstrating competency in governmental accounting, auditing, financial reporting, internal controls and budgeting at the federal, state and local levels. CGFM is a respected credential that recognizes the specialized knowledge and experience needed to be an effective government financial manager. Being a CGFM allows you to expand your career opportunities and distinguishes you from others in your field.
Information about the program and for applying and qualifying for and taking the examinations are provided here. Please note that AGA is waiving the application fee for all students enrolled in ACCT 772.
Course Calendar
| Week # | Agenda/Topics | Materials/Assignments |
| 1 |
Introduction / U.S. Government Fundamentals
|
FOR OR DURING WEEK 1: AGA CGFM Guide 1 – I-1-22, 29-32 II-1-8 IV-1-28 AGA CGFM Guide 2 I-1-27 I-135-164 Articles: TBD. See Canvas |
| 2 |
Federal Budgetary Accounting/Reporting
Budgetary Accounting Exercise |
FOR OR DURING WEEK 2: AGA CGFM Guide 1 – I-9-22 AGA CGFM Guide 2 I-77-113 III-1-30, 33-58 Articles: TBD. See Canvas Reinforcement Quiz #1 (covering weeks 1 & 2) Due |
| 3 |
Federal Financial Accounting/Reporting – I
|
FOR OR DURING WEEK 3: AGA CGFM Guide 2 III-51-58 I-47-73 III-97-117, 139-171 Articles: TBD. See Canvas Reinforcement Quiz #2 Case Study Part #1 Due |
| 4 |
Federal Financial Accounting/Reporting – II
|
FOR OR DURING WEEK 4: AGA CGFM Guide 2 I-26-41 III-62-93, 118-128, 173-193 III-196-201 (After completion of Case Study Part 2): Articles: TBD. See Canvas Reinforcement Quiz #3 Case Study Part #2 Due 11:59. |
| 5 |
Federal Audit & Internal Controls
|
FOR OR DURING WEEK 5: AGA CGFM Guide 3 Section III-1-50, 59-70, 85-89 Section V: V-1-44, 83-101 Articles: TBD. See Canvas |
| 6 |
Annual Federal Agency Financial Reports Financial Report of the U.S. Government
|
FOR OR DURING WEEK 6: AGA CGFM Guide 2 2: III-129-132 Other Readings: FY 2021 Financial Report of the U.S. Government, pp i-ii, 1-7 GAO: Understanding the Financial Report of the U.S. Government Articles: TBD. See Canvas Reinforcement Quiz #5 Due |
| 7 |
Other Topic(s)/Emerging Issues
|
FOR OR DURING WEEK 7: AGA CGFM Guide 2 III - 27-28, 149-151 AGA CGFM Guide 3 I-21-23 Articles: TBD – See Bb Work on CCR Project UPLOAD CCR DOCUMENTS & VIDEO PRESENTATIONS TO YOUR TEAM’S DISCUSSION BOARD ON: |
| 8 | CCR Reports and Presentations | DURING WEEK 8: View CCR presentation, post at least one question or observation to each discussion board. Please respond to questions to your CCRs as you are able. |
| FINAL EXAM – Online | 3-hour online exam will be available starting at 6:00 p.m. on. Once you launch the exam, you must complete it within the three hour time limit. |
| Assignment | Due Date |
| Reinforcement Quiz #1 (covering weeks 1 and 2) | 11:59 p.m. |
| Executive Memo #1 | 11:59 p.m. |
| Reinforcement Quiz #2 | 11:59 p.m. |
| Case Study – Dept of Monitoring, Part 1 | 11:59 p.m. |
| Reinforcement Quiz #3 | 11:59 p.m. |
| Case Study Part 2 – Dept of Monitoring, Part 2 | 11:59 p.m. |
| Executive Memo #2 | 11:59 p.m. |
| Reinforcement Quiz #4 | 11:59 p.m. |
| Reinforcement Quiz #5 | 11:59 p.m. |
|
Citizen-Centric Reporting Project
|
Between midnight and 11:59, p.m., Sunday. *Please upload your reports and video to your team’s discussion board ONLY between midnight and 11:59 p.m. on Sunday. Review other team’s reports and post questions and observations during Week 8 |
| Final Exam 3-hours. Must be completed once started. |
Available: 6:00, p.m., Submit by: 11:59, p.m. Sunday. |
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