Not-for-Profit Accounting Review & Updates

Overview

From the new lease guidance under ASC 842 to the upcoming auditing standard changes effective year end 2023 and 2024, change is on the horizon for not-for-profit accounting and auditing. Get up to date with this overview of all the latest developments in not-for-profit financial reporting.  

Prerequisites

None

Objectives

• Assess the impact of recent and upcoming changes in not-for-profit accounting and auditing standards, including ASC 842, ASC 326, SAS 143, and SAS 145, to ensure compliance with evolving financial reporting requirements

Highlights

• New Accounting Standards
  • Leases Accounting ASC 842 (ASU 2016-02)
  • Financial Instruments & Credit Losses ASC 326 (ASU 2016-13)
• New Auditing Standards
  • SAS 143 Auditing Estimates and Related Disclosures
  • SAS 145 Understanding the Entity and It's Environment and Assessing the Risks of Material Misstatement