This online update course is designed to help accounting and auditing professionals stay current on the most significant accounting, auditing, and reporting developments affecting not-for-profit (NFP) organizations. The course provides a practical overview of recent and newly effective FASB Accounting Standards Updates (ASUs) impacting NFP financial reporting, along with current auditing, attestation, and SSARS guidance relevant to entities operating under ASC Topic 958.
Participants will explore key changes affecting NFP financial statement presentation, contributions and exchange transactions, contributed nonfinancial assets, goodwill and intangible assets, and collections. The course also reviews recent AICPA auditing standards, SSARS updates, and SSAE developments as they apply to NFP engagements. Through real-world illustrations and practical discussion, this program equips practitioners with the technical insight needed to apply current standards accurately, address common risk areas, and remain compliant with professional requirements while meeting annual CPE obligations.
Publication Date: June 2026
Designed For
This update course is designed for professionals who prepare, audit, oversee, or rely on financial information for not-for-profit organizations and want a timely, practical update on current standards.
Topics Covered
- Accounting standards updates affecting not-for-profit entities (ASC Topic 958)
- Financial statement presentation and disclosure requirements for NFPs
- Accounting for contributions, contributed nonfinancial assets, and exchange transactions
- Goodwill, intangible assets, and collections guidance for not-for-profit organizations
- Current auditing standards affecting NFP audits, including SASs 134–149
- SSARS guidance for preparation, compilation, and review engagements (SSARS Nos. 25, 26, and 27)
- Attestation standards (SSAEs) relevant to not-for-profit entities
- Illustrative examples and discussion of emerging NFP accounting and auditing issues
Learning Objectives
- Identify recent and newly effective FASB Accounting Standards Updates affecting not-for-profit entities under ASC Topic 958
- Analyze the impact of updated accounting guidance on NFP financial statement presentation and disclosures
- Recognize current auditing standards and attestation guidance applicable to not-for-profit engagements
- Apply SSARS guidance, including SSARS Nos. 25, 26, and 27, to preparation, compilation, and review services for NFPs
- Evaluate common accounting and auditing risk areas unique to not-for-profit organizations
- Identify emerging issues and best practices influencing NFP accounting and audit engagements
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)
Program Prerequisites
General knowledge of not-for-profit accounting and auditing issues
Advance Preparation
None
Instructor
Pat Patterson
Cecil Patterson, (Pat), CPA, MBA, is an award-winning, nationally recognized author, speaker, and discussion leader for continuing education courses and numerous state societies. He has experience at the local and national CPA-firm level and as an adjunct university professor.
Pat holds an MBA from the University of North Florida and is a CPA and owner of the firm of Cecil Patterson, CPA. His firm provides, accounting, tax preparation and tax planning services, wealth management services, and consulting for businesses and other professional firms.
Pat has served on the AICPA Council, the FICPA Council, and the FICPA Educational Foundation Board of Trustees.