Change is inevitable and at times overwhelming if you are unprepared.
Ensure that you understand the recent developments in governmental and not-for-profit accounting and auditing. This update course is designed to prepare you for the latest accounting and auditing developments affecting governments and not-for-profits and give you the tools and knowledge to implement the new standards.
Understanding new standards that affect governmental and not-for-profit accounting
Recent updates to accounting and auditing standards will change how governmental and not-for-profit accounting and auditing is performed.
You’ll learn how to implement and understand recent additions, including:
GASB Statements FASB Accounting Standards Updates Auditing Standards Board Updates Changes to *Government Auditing Standards*
Detailed scenarios to increase your comprehension
Real-world examples help increase your comprehension of how to implement the changes in your work. You’ll be empowered to properly identify when new standards should be applied.
Learning Objectives
- Identify the effect of GASB statements on accounting and financial reporting for state and local governments.
- Identify the projects that are on the active standard-setting agenda and their objectives.
- Identify when a liability should be recorded for compensated absences.
- Apply the disclosure criteria related to concentrations and constraints to determine whether and how to make disclosures required under GASB Statement No. 102,
- Certain Risk Disclosures
- .
- Identify how FASB's Accounting Standards 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.
- Apply ASU No. 2017-04,
- Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment
- , to various goodwill scenarios.
- Identify the requirements of recently issued or effective Statements on Auditing Standards (SASs).
- Identify the requirements of Statement on Quality Management Standards (SQMS) No. 1,
- A Firm’s System of Quality Management
- , SQMS No. 2,
- Engagement Quality Reviews
- , and SQMS No. 3,
- Amendments to QM Sections 10
- , A Firm’s System of Quality Management,
- and 20
- , Engagement Quality Reviews.
- Identify recent changes to the AICPA Code of Professional Conduct that affect auditors of governments and NFPs.
- Distinguish the provisions of the Government Auditing Standards 2024 Revision.
- Identify Yellow Book requirements related to independence, management’s responsibilities, and reporting.
- Identify changes to the Uniform Guidance.
Major Topics
- GASB update
- Not-for-profit accounting update
- Compensated absences
- GASB Statement No. 102, *Certain Risk Disclosures*
- FASB Accounting Standards Update (ASU) No. 2016-13, *Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments*
- Statement on Quality Management Standards (SQMS) No. 1, 2, and 3
- Auditing Standards Board update
- Governmental auditing update
