A Comprehensive NFP GAAP Update: What’s New and Upcoming (Currently Unavailable)

Author: Deby MacLeod, Candi Avery, Clark Nuber

CPE Credit:  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

Designed For
CPAs, CFOs, auditors, bookkeepers, staff accountants and others working with not-for-profit entities.

Topics Covered

  • GAAP Update
    • Describe new accounting standard
    • Focus on scope, what changed, and effective dates
    • Be prepared to implement the new accounting standards
  • COVID-19 related topics
    • Special accounting considerations
  • Preview of new auditing standards
    • Become familiar with key changes in auditor's reporting

Learning Objectives

  • 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

Level
Update

Instructional Method
Self-Study

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

Program Prerequisites
Basic understanding of NFP GAAP.

Advance Preparation
None

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