# Federal Accounting Standards Course Canonical URL: ## Overview The Federal Accounting Standards developed by the Federal Accounting Standards Board (FASB) help fulfill the U.S. Government's constitutional requirement to appropriately record and report all revenues and expenditures. Learn these standards, including the latest changes from the FASB, as you also explore the related statutory requirements of the Chief Financial Officers (CFO) Act, the Government Management Reform Act, and related legislation. ## What you'll learn - Describe how and why federal accounting policies are developed. - Apply basic, detailed federal government accounting procedures. - Apply accepted approaches to record keeping and accounting. - State how the results of operations are reflected in the public record. - Explain the standards for managerial, cost, and supplementary stewardship reporting. - Illustrate how handling selected assets and liabilities, direct and guaranteed loans, inventory, and property, plant and equipment are critical to the accountability of federal government accounting. - Identify references and resources to help you resolve issues facing your agency regarding federal accounting. ## Curriculum #### Module 1: SFFAC #1 – Objectives of Financial Reporting - Understand the conceptual framework for federal financial reporting. - Explore how financial information supports accountability and decision-making. - Examine the four major objectives: budgetary integrity, operating performance, stewardship, and systems/control. - Distinguish between concepts and standards in financial reporting. #### Module 2: SFFAC #2 – Entity and Display - Define the federal reporting entity and its components. - Understand consolidation principles for financial reporting. - Explore criteria for inclusion of organizations in federal financial reports. #### Module 3: SFFAC #3 and SFFAS #15 – Management’s Discussion and Analysis - Explore the structure and purpose of MD&A in federal reports. - Learn how narrative and financial data combine to improve transparency. - Understand the role of MD&A in decision support. #### Module 4: SFFAC #4–#7 and SFFAS #24 and #32 – Consolidated Financial Statement Reporting - Study government-wide financial reporting requirements. - Review consolidation practices and amendments to existing statements. - Assess how changes affect transparency and comparability in reporting. #### Module 5: SFFAS #1 – Selected Assets and Liabilities - Understand accounting for cash, accounts receivable, and other current assets. - Examine liabilities such as accounts payable and accrued expenses. #### Module 6: SFFAS #2 – Direct Loans and Loan Guarantees - Review credit reform accounting practices. - Understand valuation and risk assumptions behind federal loan programs. #### Module 7: SFFAS #3 – Inventory and Related Property - Examine standards for valuing and reporting inventory and operating materials. - Understand accounting treatments for seized and forfeited property. #### Module 8: SFFAS #4 – Managerial Cost Accounting - Study cost accounting concepts and standardization in the federal government. - Explore full cost and responsibility segment reporting. #### Module 9: SFFAS #5 – Liabilities of the Federal Government - Define recognition criteria for liabilities including pensions, benefits, and contingencies. - Understand how obligations are estimated and disclosed. #### Module 10: SFFAS #6 – Property, Plant, and Equipment - Explore capitalization thresholds and depreciation practices. - Review treatments for multi-use heritage assets and stewardship land. #### Module 11: SFFAS #7 – Revenue and Other Financing Sources - Distinguish between exchange and non-exchange revenues. - Examine intragovernmental transactions and trust fund accounting. #### Module 12: SFFAS #8 – Supplementary Stewardship Reporting (Rescinded by SFFAS #57) - Review the historical context and purpose of stewardship reporting. - Understand how its requirements were integrated into newer standards. #### Module 13: SFFAS #10 – Internal Use Software - Identify capitalization criteria for internally developed software. - Review amortization practices and impairment indicators. #### Module 14: SFFAS #17 – Social Insurance - Study reporting requirements for programs like Social Security and Medicare. - Analyze actuarial projections and disclosure requirements. #### Module 15: Recent Standards on Specific Topics - Explore updates on leases, government land, classified information, and tax expenditures. - Review recent guidance affecting reconciliation and accrual accounting. ## Schedule - Aug 4, 2026 – Aug 7, 2026 — Live Online - Dec 8, 2026 – Dec 11, 2026 — Live Online ## Instructors ### Alan B. Robinson — Instructor Mr. Robinson is a seasoned legal and federal employment expert with over two decades of experience. He recently retired from the U.S. Department of Agriculture, Agricultural Research Service, where he spent 11 years as Deputy Director/Director for the Office of Outreach, Diversity, and Equal Opportunity (ODEO) and 8 years as Chief of Employee and Labor Relations. In these roles, he provided extensive guidance on federal employment matters, showcasing his deep expertise in labor relations and diversity initiatives. A graduate of the University of Virginia with a B.A. in Government, Mr. Robinson earned his Juris Doctorate from the University of Maryland School of Law. He is licensed to practice law in Maryland and the District of Columbia. Before his federal service, he built a robust legal career, starting as a law clerk for the Baltimore City Orphan’s Court, followed by 10 years as a civil defense litigator with a D.C. law firm, and later operating his own solo practice for 5 years. His private practice focused on representing federal agencies, employees, municipalities, and private entities in employment-related cases before the EEOC, Merit Systems Protection Board, and various courts. Currently, Mr. Robinson shares his wealth of knowledge as an adjunct instructor with the Graduate School USA and serves as a registered arbitrator for the Financial Industry Regulatory Authority (FINRA). His extensive background in law, federal employment, and diversity makes him a valuable resource in his field. ### Kent Miller — Instructor Kent D. Miller, Jr., MBA, CDFM-A, is a highly accomplished financial management expert and educator with over 40 years of experience in both the public and private sectors. A retired U.S. Army officer, Kent has held leadership roles such as Controller/CFO for the U.S. Army Missile Command and Program Manager/Financial Analyst for the Assistant Secretary of the Army. His expertise spans budgeting, cost analysis, managerial accounting, and financial systems implementation. Notably, he managed a $9 billion organization, supervised a financial staff of 150, and developed funding requirements and congressional testimony for senior Army leadership. Kent’s career also includes consulting and training, where he has developed over 50 courses and taught more than 20,000 students from federal agencies and contractors. As an adjunct instructor at Graduate School USA since 2005, Kent specializes in financial management training for federal employees. His courses cover a wide range of topics, including appropriations law, budget formulation and execution, and performance-based budgeting. Kent’s teaching is informed by his extensive experience in planning, programming, and budgeting, as well as his work in reengineering processes to achieve cost savings. He is also a Certified Defense Financial Manager with Acquisition Specialty (CDFM-A) and has been recognized for his leadership in professional organizations such as the Society of Defense Financial Management and the Association of Government Accountants. ### Alan McCain — Curriculum Program Manager Alan McCain is a retired combat veteran who served as both an Air Force enlisted member and a Navy officer. He brings over 30 years of experience spanning federal and commercial budgeting, auditing, programming, operations, global logistics support, supply chain and inventory management, as well as major IT acquisition. He possesses extensive, hands-on budget and audit experience across Federal, State, and Local government operations, including work within the Executive Office of the President and the Departments of State, Defense, Homeland Security, Health and Human Services, Housing and Urban Development, and Education, as well as the Office of the Mayor of Washington, D.C., among others. Alan’s consulting background includes strategic planning and business development with the District of Columbia government, multiple federal agencies, Lockheed Martin, KPMG, and PricewaterhouseCoopers. He is a Certified Government/Defense Financial Manager (CGFM/DFM), holds a Teaching Certification from Harvard University’s Bok Center for Teaching and Learning, and earned an Executive MBA in International Business from The George Washington University. ## Pricing **Tuition:** $1649