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Course ID: PAANFP
A&A Update for Nonprofits: Practical Insights into the Latest Accounting and Auditing Issues Relevant to Nonprofit Entities
This course provides a high level overview of the most important accounting, financial reporting, compliance and audit issues facing nonprofit entities and their accountants. The focus is on explaining the basis behind major issues and trends in executive summary (yet practical) form, enabling professionals to understand the most important aspects of relevant standards, and the basis for any potential changes on the horizon.
Learning Objectives
- Describe recent developments of the FASB, GAO, OMB and AICPA relevant to nonprofit entities.
- Explain the impact of new financial reporting model developed by the FASB.
- Apply best practices to minimize noncompliance with Yellow Book and Single Audits.
Major Topics
- Current outcomes of the highly significant FASB project related to Financial Statements of Not-for-Profit Entities.
- Recently released FASB standards that will impact nonprofit financial reporting the most, including revenue recognition and lease accounting.
- Current issues and challenges involving Yellow Book financial statement audits.
- Critical considerations when performing Single Audits under OMB Uniform Guidance for Federal Awards.
- Important AICPA professional standard developments related to providing audit and nonaudit services to nonprofits.
Advanced Preparations
None.
Who Should Attend
Public and industry accountants at all levels interested in remaining current on professional, technical and relevant regulatory requirements related most specifically to nonprofit entities
Fields of Study
Accounting, AuditingPrerequisites
Knowledge of currently effective professional, technical and regulatory standards