Governmental accounting is very unique. This course introduces the financial reporting basics for governments, including fund accounting and modified accrual accounting. We discuss budgetary accounting and the use of encumbrances. We review the rules on exchange and nonexchange transactions.

We also analyze the layouts of the fund financial statements as well as the government-wide financial statements. The class also covers the concept of component units and close the accounting section with a discussion on the concepts of Management Discussion & Analysis (MD&A) and other RSI that are specific to governmental entities.