What is Governmental Accounting?
Governmental accounting refers to the process of recording, analyzing, and reporting financial transactions and activities within government entities, including federal, state, and local governments, as well as government agencies, departments, and authorities. Governmental accounting plays a critical role in the financial management and stewardship of public funds, ensuring transparency, accountability, and effective resource allocation in government operations and services.
Key Takeaways:
- Public Sector Focus: Governmental accounting is specifically tailored to meet the unique needs and requirements of the public sector.
- Regulatory Framework: Governmental accounting follows a set of standards and principles established by regulatory bodies, such as the Governmental Accounting Standards Board (GASB) in the United States.
- Budgetary Control: Governmental accounting emphasizes budgetary control and compliance with legal and regulatory requirements related to budgeting, appropriations, and expenditure controls.
Table of Content
- What is Governmental Accounting Standards Board (GASB)?
- Objectives of Governmental Accounting
- Principles of Governmental Accounting
- Difference between GASB and FASB
- How to Become a Governmental Accountant?
- Key Skills for Government Accountants
- Government Accounting Areas of Expertise
- What is Government Accounting Salary?
- Government Accounting Jobs
- Governmental Accounting – FAQs