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Metropolitan State University (Home)

ACCT 615 Financial Accounting in Public and Nonprofit Organizations

This course covers the main issues central to financial accounting including measurement, valuation, and reporting, concepts and issues, emphasizing management and stakeholder analysis, and the use of data for decision making.
4 Graduate credits

Effective August 1, 1998 to present

Learning outcomes

General

  • Identify and interpret authoritative accounting standards applicable to public and private sector organizations, including those established by GASB, FASB, and other regulatory bodies.
  • Construct and analyze basic financial statements for state and local governments, ensuring compliance with applicable reporting requirements.
  • Evaluate the structure and function of governmental fund accounts, emphasizing the unique aspects of fund accounting.
  • Prepare and interpret fund-based financial statements for General Funds and Special Revenue Funds, applying appropriate accounting principles.
  • Classify and apply the correct fund reporting requirements for various trust agreements and fiduciary activities.
  • Compare and contrast statements of cash flows prepared under GASB and FASB guidelines, highlighting key differences in reporting for governmental and private-sector entities.
  • Prepare comprehensive fiduciary fund financial statements, ensuring proper classification and disclosure.
  • Develop and analyze financial statements for private not-for-profit organizations, incorporating sector-specific accounting principles and financial management strategies.