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-for profits. 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.

Notice

All materials will be available to download in advance and participants will receive an email two days prior to the course date. Materials will also be posted in the “My CPE” section of the NESCPA website.