BUS4114 covers the accounting and financial reporting frameworks used by government entities and nonprofit organizations — frameworks that differ substantially from commercial enterprise GAAP. Students learn GASB (Governmental Accounting Standards Board) reporting requirements for state and local governments, FASB reporting standards for nonprofits, the OMB's A-133 (Uniform Guidance) requirements for federal award recipients, and the preparation of Form 990, the IRS annual information return for tax-exempt organizations.
Accounting frameworks for government and nonprofits
Core topics
- GASB standards for governments: Fund accounting — the organizing principle of governmental accounting that segregates resources by purpose and legal constraint; the major fund categories (general fund, special revenue, capital projects, debt service, enterprise, internal service, fiduciary); and the dual financial reporting model that combines fund-based and government-wide financial statements
- Government-wide financial statements: The GASB-required Comprehensive Annual Financial Report (CAFR) structure — the Statement of Net Position, Statement of Activities, and the reconciliation between government-wide and fund-level statements — using full accrual accounting for the government-wide view
- FASB standards for nonprofits: The FASB's Accounting Standards Update (ASU) 2016-14 framework for nonprofit financial reporting — net assets with and without donor restrictions, the Statement of Financial Position, Statement of Activities, Statement of Cash Flows, and the liquidity disclosures required by the updated standard
- A-133 / Uniform Guidance reporting: The Single Audit requirements under OMB Circular A-133 (now codified in 2 CFR Part 200) for entities receiving federal awards above the threshold — what triggers a Single Audit, the Schedule of Expenditures of Federal Awards (SEFA), and how auditors test compliance with federal program requirements
- Form 990 preparation: The IRS Form 990 annual information return required of most tax-exempt organizations — the core form structure, Schedule B (schedule of contributors), Schedule L (related party transactions), public inspection requirements, and how Form 990 information serves donor due diligence and regulatory oversight functions
BUS4114 assignments include government financial statement analyses, nonprofit reporting exercises, and Form 990 preparation projects
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Government financials, nonprofit reports, Form 990 projects.
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Frequently asked questions
Government accounting is fundamentally about accountability for specific resources rather than profit measurement. Governments collect taxes and receive grants with legal restrictions on how those resources may be used — a state highway fund cannot be diverted to pay teacher salaries, and a federal grant for housing assistance cannot fund the general budget. Fund accounting segregates these restricted resources into separate accounting entities (funds), each with its own balance sheet and operating statement, so that legislators, citizens, and oversight bodies can verify that each pool of money was spent as legally required. This stewardship focus — demonstrating compliance with legal restrictions — is why GASB reporting looks so different from FASB for-profit accounting, even though both use double-entry bookkeeping. BUS4114 develops literacy in this distinctive framework, which is essential for anyone working in public finance, government audit, or public administration.