2021 and 2022 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 2022 and in 2023. 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: November 2022
Designed For
CPAs, CFOs, auditors, bookkeepers, staff accountants and others working with not-for-profit entities.
Topics Covered
- New Accounting Standards Effective in 2022 and 2023
- Gifts In-Kind
- Leases
- Current Expected Credit Loss (CECL)
- Other FASB Developments
- COVID Financial Reporting Considerations
- Auditing and Attest Standard Update
- Annual Reports and Auditor Reporting: SAS No. 137
- Recently Issued Auditing Standards SAS Nos. 142-148
Learning Objectives
- Recognize accounting standards that must be implemented in 2022 and 2023 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
- Recognize how to review the GAAP application, choices, and disclosures required in your 2022 financial statements for COVID-19 related relief packages and effects on operations
- Identify the ASU that requires presentation of nonfinancial assets as a separate line item in the statement of activities, apart from contributions of cash or other financial assets
- Identify the ASC Topic that provides the existing lease guidance prior to the release of ASC 842
- Identify the measurement method lease and non-lease components should be separated and allocated based on
- Identify the transaction excluded from the scope of the new CECL model
- Identify the SAS that included amendments related to auditor reporting on employee benefit plans
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
Instructors
Clark Nuber
Located in the Seattle metro area, Clark Nuber PS is home to one of the largest single-office Not-for-Profit practices in the United States. This nationally recognized group is composed of over 80 professionals who specialize in serving more than 750 not-for-profits. These professionals take a broad, holistic view of the entire financial and regulatory ecosystem in which not-for-profits function.
Our involvement and investment in the industry extends beyond providing professional services to charitable organizations. Our shareholders and principals also present regularly at conferences and seminars tailored to the not-for-profit community. And, several leaders serve on national-level boards and committees that establish guidance and best-practices for the sector, including the Financial Accounting Standards Board (FASB) Not-for-Profit Advisory Committee, the TE/GE EO Council’s TIC-TAQ Forum, and the AICPA Exempt Organization Technical Resource Panel.
Additionally, Clark Nuber is the author of the Form 990 Compliance Guide and the Private Foundation Handbook and Compliance Guide.
Amy Hernandez
Amy Hernandez is an Audit & Assurance Senior Manager at Clark Nuber P.S. based in Bellevue, Washington. She has 9 years of experience in public accounting specializing in the areas of not-for-profit compliance and consulting. She enjoys working with a variety of exempt organizations including private foundations, schools and social services agencies. She provides a variety of audit and attest services, including Single Audits and consulting services.
Amy holds a Bachelor’s Degree in Business Administration – International Business from Washington State University and an Undergraduate Certificate in Accounting from City University. She is a member of the Washington Society of CPAs, AICPA, and on the WSCPA Professional Conduct Committee. Amy is also an active member in Clark Nuber’s Not-for-Profit and Foundation niche groups and participates in Clark Nuber’s Technical Issues Committee which tackles the latest accounting issues and implementation of new accounting and auditing guidance.
Andrew Prather
Andrew Prather is an audit shareholder at Clark Nuber P.S. based in the Seattle metro area. He is a leader in the firm’s Not-for-Profit Services Group and provides a wide range of not-for-profit organizations with audit and consulting services.
Andrew is a current member of the AICPA’s Auditing Standards Board. He recently served as chair of the planning committee for the AICPA’s Not-for-Profit Industry Conference. He previously was a member of the FASB’s Not-for-Profit Advisory Committee, the AICPA’s Not-for-Profit Expert Panel and also served on the AICPA’s Not-for-Profit Entities Audit & Accounting Guide Revision Task Force. Andrew has served as the chair of the Washington Society of CPA’s (WSCPA) Not-for-Profit Committee and co-chair of the WSCPA Not-for-Profit Conference. He is a frequent speaker at conferences, seminars, and webcasts for the AICPA, state CPA societies, and industry groups.
Andrew also serves as his firm’s Quality Control Director overseeing the firm’s audit quality assurance program and serving as a technical resource to the firm’s professional staff.