You may be brand new to public service. Congratulations! Accountants and auditors who are new to public service may not understand how governments are different (and should be) from other organizations. This first segment of a two-part series explains the basics of the structure of government and governmental accounting.
Learning Objectives:
- Define what is a government and how governments differ from businesses and not-for-profits.
- Discuss how standards for state and local governments are developed and approved.
- Examine the role of a budget.
- Compare the purpose of the accounting standards for governments versus businesses and not-for-profits.
- Summarize state and local government basic financial statements and annual comprehensive financial reports (ACFRs).
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