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Non-Profit Update (SMAA41/22)

Event Description

Not-For-Profit entities are challenged with many unique accounting issues. This course features a deep dive into ASU 2018-08 and its impact on revenue recognition for grants and other contracts including the application for various CARES Act and related federal funding. We’ll also review other ASUs directly or indirectly impacting nonprofit entities including contributed nonfinancial assets. As we turn from accounting to auditing, we will look at recent changes in auditing and attestation standards that will impact NFPs, and the latest developments in OMB and Yellow Book requirements.

Objectives

Attendees will be able to:

  • Analyze a transaction to determine if it is a contribution or exchange transaction
  • Define the term collection
  • Describe the alternative to goodwill impairment testing for nonprofits
  • List changes Government Auditing Standards as a result of the 2018 Revision
  • Identify changes in the new Compliance Supplement for Single Audits
  • Recall impact of CARES Act funding on financial reporting and auditing