Governmental and Not-for-Profit Annual Update

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.

Key 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

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.

Who Will Benefit

Accountants and finance professionals working with governments and not-for-profits