Statements of Federal Financial Accounting Standards (SFFAS)

Overview

Develop the foundational knowledge to ensure your organization complies with the standards contained in the Federal Accounting Standards Advisory Board (FASAB) Handbook. Learn how the FASAB provides federal financial managers and accounting personnel with the historical context to effectively carry out their responsibilities. Test your understanding of the FASAB standards through exercises and discussions. You will also gain insight into practical application by examining an actual federal financial report through a case study.

Who Attends

This course is designed for Federal financial management personnel responsible for updating, reviewing, or determining the reliability of accounting data pertaining to assets, liabilities, net position, revenue, expenses, gains, and losses as well as personnel responsible for preparing the audited financial statements for an agency.

Course Level: Advanced
CLP: 16 | CPE: 16
Duration: 2 Days

Price: $ 1169.00 Course prices shown here do not include a credit card surcharge. Payments by ACH, EFT, or check do not include the surcharge and are offered at a lower price. At checkout, you may choose a payment method that avoids the credit card surcharge.
A 3% credit card surcharge will be applied.

Course Details

FAQs Technology Requirements

For Groups

Volume Discounts (5+ Seats) Private Group Training Icon

Private Group Training

Available Dates

Guaranteed to Run are designated with a

September 14 - September 15, 2026

Class ID: 265091006

Virtual

9 AM - 5 PM EST

October 6 - October 7, 2026

Class ID: 265091007

Virtual

9 AM - 5 PM EST

December 3 - December 4, 2026

Class ID: 265091008

Virtual

9 AM - 5 PM EST

March 11 - March 12, 2027

Class ID: 275091001

Virtual

9 AM - 5 PM EST

June 24 - June 25, 2027

Class ID: 275091002

Virtual

9 AM - 5 PM EST

September 13 - September 14, 2027

Class ID: 275091003

Virtual

9 AM - 5 PM EST

October 14 - October 15, 2027

Class ID: 275091004

Virtual

9 AM - 5 PM EST

December 2 - December 3, 2027

Class ID: 275091005

Virtual

9 AM - 5 PM EST

Learning Objectives

Discuss the role of the Federal Accounting Standards Advisory Board (FASAB) in supporting financial accounting and reporting in the federal government
Apply the federal accounting standards
Evaluate the impact of the Statements of Federal Financial Accounting Standards (SFFAS) on the principal financial statements
In accordance with SFFAS, evaluate business events to determine the impact on various accounting, reporting, and disclosure activities
Use a case study to track SFFAS via a Department of the Interior Agency Financial Report

Additional Features

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Course Activities

The final exam must be completed with a grade of 70% or higher.

Course Topics

Federal Financial Accounting and Financial Standards

Role of FASAB
FASAB Composition
FASAB Due Process
FASAB Documents
Selected Statements of Federal Financial Accounting Concepts (SFFAC)
Exercise: Review of Federal Financial Accounting and Accounting Standards
Form and Content for Financial Statements
Balance Sheet
Statement of Net Cost
Statement of Changes in Net Position
Statement of Budgetary Resources
Statement of Custodial Activity
Notes to Financial Statements
Other Information
The Consolidated Financial Report of the U.S. Government (CFR)
Exercise: Review of Required Financial Statements

Accounting for Assets: Selected Assets

Accounting for Selected Assets
Fund Balance with Treasury (FBWT)
Cash
Investments
Accounts and Interest Receivable
Advances and Prepayments
Exercise: Review of Accounting for Selected Assets

Accounting for Assets: Inventory and Related Property

Inventory
Operating Materials and Supplies
Stockpile Materials
Other Property under SFFAS 3
Exercise: Review of Accounting for Inventory and Related Property

Accounting for Assets: Property, Plant, and Equipment (PP&E)

PP&E Classification
General PP&E (G-PP&E)
Recognition and Disclosure
Exercise: Property, Plant, and Equipment
Internal Use Software
Exercise: Review of Accounting for Property, Plant, and Equipment (PP&E)

Accounting for Liabilities

Selected Liabilities
Additional Liabilities
Contingent Liabilities
Federal Debt
Pensions and Similar Benefits
Insurance and Guarantee Programs
Lease Liabilities
Accounting for Cleanup Costs
SFFAS 17: Accounting for Social Insurance
Required Supplemental Information (RSI)—Social Insurance Programs
RSI for Social Insurance Programs at the Consolidated Governmentwide Entity
Exercise: Review of Accounting for Liabilities

Accounting for Revenue and Other Financing Sources

Exchange Revenue
Nonexchange Revenue
Other Financing Sources
Federal Trust Funds and Other Dedicated Collections
Accounting for Fiduciary Activities
Exercise: Review of Accounting for Revenue and Other Financing Sources

Accounting for Expenses

Managerial Cost Accounting
Accumulate and Report Costs
Responsibility Segments
Report the Full Costs
Inter-Entity Costs
Consistent Use of Appropriate Costing Methodologies
Additional Guidance
Public Assistance and Grant Programs
Exercise: Review of Accounting for Expenses

Required Supplementary Information (RSI)

Classification of Information
Management's Discussion and Analysis (MD&A)
Other RSI
Other Information (OI)
Exercise: Review of Required Supplementary Information (RSI)

Related Courses and Products

COURSE

Loading Course Details

Statements of Federal Financial Accounting Standards (SFFAS)

Overview

Who Attends

For Groups

Available Dates

Learning Objectives

Additional Features

Credits

This course is part of the following Management Concepts Certificate Programs:

Core Courses

Elective Courses

Prerequisites:

Mandatory

Suggested

Course Activities

Course Topics

Loading Course Details

Statements of Federal Financial Accounting Standards (SFFAS)

Overview

Who Attends

For Groups

Available Dates

Learning Objectives

Additional Features

Credits

This course is part of the following Management Concepts Certificate Programs:

Core Courses

Elective Courses

Prerequisites:

Mandatory

Suggested

Course Activities

Course Topics

Related Courses and Products

Federal Financial Statement Audits

U.S. Standard General Ledger: Practical Applications

Accounting for Revolving Funds and Reimbursables