A Comprehensive NFP GAAP Update: What’s New and Upcoming
Author: Deby MacLeod, Candi Avery, Clark Nuber
||2 hours for CPAs
2020 and 2021 have been transformative years for many organizations. Changes in the way we operate and comply with reporting and regulatory requirements have impacted many not-for-profit organizations. During this time, implementation dates were delayed for a number of new accounting standards but will need to be implemented for 2021 and in 2022. Join us for an “A to Z” update on the delayed, new, and emerging FASB standards with a special section on GAAP application for various COVID-19 relief packages.
Publication Date: October 2021
CPAs, CFOs, auditors, bookkeepers, staff accountants and others working with not-for-profit entities.
COVID-19 related topicsSpecial accounting considerationsPreview of new auditing standardsBecome familiar with key changes in auditor's reporting
- GAAP Update
- Describe new accounting standard
- Focus on scope, what changed, and effective dates
- Be prepared to implement the new accounting standards
- Recognize accounting standards that must be implemented in 2021 and 2022 and how they may affect your financial reporting
- Identify upcoming changes in GAAP that will apply to your organization and proactively plan for their implementation
- Describe the GAAP application, choices, and disclosures required in your 2021 financial statements for COVID-19 related relief packages and effects on operations
- Recognize which ASU prescribed amendments related to leases
- Identify the number of criteria used to assess whether a lease is a finance or operating lease
- Recognize which ASU addressed the treatment of implementation costs of CCAs without a license
- Identify which rate is emerging as the likely alternative to LIBOR
- Identify the number of acceptable approaches of recognizing PPP loans
NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)
Basic understanding of NFP GAAP.