Federal Activity Costing, Analysis & Reporting Course

Module 1: Financial Management, Financial Systems and Cost Identification, Analysis and Reporting

• Nature and functions of federal financial systems
• Types of systems: financial, program, and mixed systems
• OMB policies and definitions related to federal systems
• Core financial system management: general ledger, funds, payments, receipts, cost management, reporting
• Internal controls and risk management
• Key federal financial organizations (OMB, Treasury, CBO, GAO, FASAB, CFO Council)
• Overview and phases of the federal budget process
• Financial management of federal assistance programs and grants

Module 2: Policy Requirements Supporting Effective Cost Management

• Relationship between financial management and cost management
• Differences between budgetary and proprietary accounting
• Types of federal funds and account structures
• Policy frameworks that enforce cost identification and reporting

Module 3: Accounting and Financial Reporting in the Federal Government—Part 1

• Differences and similarities between federal and commercial accounting
• Terminology and concepts in federal accounting
• Budgetary and proprietary accounting structures
• Sequence of the accounting process
• Overview of financial statements produced by federal agencies

Module 4: Reporting the Cost of Government

• Year-end reporting requirements for federal agencies
• Standard Federal Financial Statements and their purposes
• Focus on the Statement of Net Cost and its role in accountability
• Auditing and public reporting of costs

Module 5: Federal Cost Accounting Standards

• Overview of FASAB standards and their role
• Examination of SFFAS 4: Managerial Cost Accounting
• Methods of cost finding in federal activities
• Mandatory requirements for cost accounting and reporting

Module 6: Activity-Based Costing in the Federal Government

• Principles and applications of activity-based costing (ABC)
• Determining the cost of goods and services provided by agencies
• Impacts of program funding changes on service delivery
• Benefits of ABC for program managers and public accountability

Module 7: Application of Earned Value Management in the Federal Government

• Concepts and structure of Earned Value Management Systems (EVMS)
• Tracking cost, schedule, and technical performance
• Comparing planned value, earned value, and actual costs
• Using EVM data for improved project and program decisions
• Differences between ABC and EVM