Not-for-Profit Issues: Accounting and Auditing Update Webinar

EVENT DESCRIPTION

Not-For-Profit organizations (NFPs) generally operate under accounting standards governed by the Financial Accounting Standards Board (FASB) and auditing standards from the AICPA’s Auditing Standards Board (ASB). 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 and:

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. 134-148

ARSC SSARS 25 26

SSAAE 20-22

Topics Covered

FASB Accounting Standards Updates (ASUs) ‐ Specific to NFPs and those with related matter
Top Auditing Issues for NFPs
AICPA Auditing Standards Update: 2023
Major Changes ‐ SAS 134 — SAS 148 and deferrals of effective dates
AU‐C Section 700: Forming an Opinion and Reporting on Financial Statements
SSAE 20, 21, & 22
SSARS 25 & 26
Illustrations
Any other important issues for NFPs deemed appropriate and timely