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