Governmental and Not-for-Profit Annual Update

Overview

The latest GASB developments and federal audit changes affecting governments and not-for-profits (NFPs) are explored in this update overview.

Prerequisites

Basic knowledge and experience in governmental and not-for-profit accounting and auditing

Objectives

• Identify the effect of GASB statements on accounting and financial reporting for state and local governments.
• 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 changes to the AICPA Code of Professional Conduct that affect governments and NFPs.
• Identify changes made in the Government Auditing Standards 2024 Revision.

Highlights