Not for Profit Accounting & Auditing Update (Completed)

Not-For-Profit (NFPs) entities are challenged with many unique accounting issues. This course features a deep dive on the ASU 2016-14, which was issued in 2016 and impact how all NFPs prepare financial statements. We will also discuss other recent FASB standards and projects that impact NFPs, including revenue recognition for grants. As we turn from accounting to auditing, we will look at recent changes in auditing and attestation standards that will impact NFPs, the latest developments in OMB and Yellow Book requirements, and the AICPA’s Enhancing Audit Quality Initiative.

Topics Covered

• ASU 2016-14
• Recent FASB standards and projects that impact NFPs,
• Revenue recognition for grants
• Recent changes in auditing and attestation standards that will impact NFPs
• Latest developments in OMB and Yellow Book requirements
• AICPA's Enhancing Audit Quality Initiative

Learning Objectives

• Describe ASU 2016-14 and it's impact on NFPs financial statement preparation
• Recognize other recent FASB standards and projects that impact NFPs,
• Identify and apply recent changes in auditing and attestation standards that will impact NFPs
• Recognize latest developments in OMB and Yellow Book requirements

Level
Update

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (Governmental) (1 hour), Auditing (Governmental) (1 hour)

Program Prerequisites
A basic understanding of not for profit accounting and auditing.

Advance Preparation
None