Not-for-Profit Issues: Accounting and Auditing Update (Completed)

Date: Thursday, April 8, 2021
Instructor: Pat Patterson
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs

Not-For-Profit organizations generally operate under accounting standards governed by the Financial Accounting Standards Board (FASB). There are several new standards effective for fiscal years starting after December 2020.

This course focuses on the new guidance found in FASB Accounting Standards published in the Updates and the standards from the AICPA in their auditing, attestation, and preparation, compilation, and review standards:
• Update 2016-14 (Topic 958), Presentation of Financial Statements of Not-for-Profit Entities
• Accounting Standards Update 2018-08—Not-for-Profit Entities (Topic 958): Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made,
• Update 2019-03—Not-for-Profit Entities (Topic 958): Updating the Definition of Collections,
• Update 2019-06—Intangibles—Goodwill and Other (Topic 350), Business Combinations (Topic 805), and Not-for-Profit Entities (Topic 958): Extending the Private Company Accounting Alternatives on Goodwill and Certain Identifiable Intangible Assets to Not-for-Profit Entities
• Update 2020-07—Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets
• Auditing Standards Board Statements on Auditing Standards Nos. 134-143
• ARSC SSARS 25 and SSAAE 20

Who Should Attend
CPA Professionals in not-for-profits, public accounting, business, education, and government. This includes those professionals who are in occupations that are not not-for-profit entities but serve on the boards of the not-for-profits including religious organizations.

Topics Covered

  • FASB Accounting Standards Updates (ASUs) ‐ Specific to NFPs and those with related matter
  • Top Auditing Issues for NFPs
  • AICPA Auditing Standards Update: 2020
  • Major Changes ‐ SAS 134 — SAS 143 and deferrals of effective dates
  • AU‐C Section 700: Forming an Opinion and Reporting on Financial Statements
  • SSAE 20 and 21
  • SSARS 25
  • Illustrations
  • Other important issues for NFPs

Learning Objectives

  • Recognize and apply updates on NFP FASB Standards and NFP Auditing Issues issued
  • Recognize and apply standards from attestation, preparation, compilation, and review engagements
  • Recognize examples of Reporting issues
  • Identify examples of an entity that falls outside the definition of a nongovernmental NFP
  • Differentiate ASUs and how they apply

Level
Update

Instructional Method
Group: Internet-based

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

Program Prerequisites
A general knowledge of not-for-profit issues

Advance Preparation
None

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