2024 Annual Update for Not-for-Profit Accountants & Auditors

Overview

The Not-for-Profit Advisory Committee (NAC) has been meeting with FASB to discuss the impact of various standards on the nonprofit community. We’ll look at the work of the NAC and the impact they’ve had. We’ll then transition to the Accounting Standards Updates (ASUs) issued by the FASB that impact nonprofit entities. We’ll review year 2 considerations of the leases standard. We’ll also review common nonprofit deficiencies identified in peer review. Once we’ve wrapped up the accounting update, the course shifts to the audit side of the house with a look at what’s going on at the AICPA. We’ll review the impact of the changes to group audits as the changes coming down the pike for quality management. This course will keep auditors up to date on the work of the ASB. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Highlights

The major topics that will be covered in this course include:

• The Not-for-Profit Advisory Committee (NAC).
• Accounting Standards Updates (ASUs).
• Year 2 considerations of the leases standard.
• Common nonprofit deficiencies identified in peer review.
• What's going on at the AICPA.

Prerequisites

Prior experience with nonprofit GAAP and GAAS

Designed For

Practitioners who audit nonprofits as well as those with financial reporting roles within nonprofit organizations.

Objectives

Preparation

None