Accounting and Auditing Update for Not-for-Profits

Overview

The most effective path to success lies in making yourself indispensable to your clients. Achieving that indispensability requires a robust understanding of your client's business. You'll explore the latest developments affecting not-for-profits including FASB requirements, 0MB, and Yellow Book developments. Moreover, you'll thoroughly review updates to ethics, governmental auditing standards, and accounting for not-forprofits. By participating in this course, you'll ensure you are well-versed in current standards and best practices in not-for-profit accounting and auditing.

Highlights

• Not-for-profit accounting update
• Revenue recognition in not-for-profits
• FASB update
• Auditor's report and conforming changes
• Auditing Standards Board update
• Ethics update
• SQMS No. 1, A Firm's System of Quality Management
• Governmental auditing update

Prerequisites

Knowledge of not-for-profit accounting and auditing

Designed For

Accounting and finance personnel responsible for accounting and financial reporting for not-for-profits and auditors of those entities

Objectives

• Identify how FASB's accounting updates affect not-for-profit financial statements.
• Apply FASB Accounting Standards Update (ASU) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, to an example financial instrument.
• Identify the requirements of recently issued Statements on Auditing Standards (SASs).
• Identify the requirements of SQMS No. 1, A Firm's System of Quality Management.
• Identify changes to the AICPA Code of Professional Conduct that affect governments and NFPs.
• Identify changes made in the Government Auditing Standards 2024 Revision.
• Recognize changes to the Uniform Guidance.