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.
Prerequisites
Knowledge of not-for-profit
accounting and auditing
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.
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
