Stay current in the nonprofit world by discussing recent changes and requirements for nonprofit accounting and auditing. This year's course will include a section covering the recognition and presentation of COVID-related transactions and uncertainties in the nonprofit context, as well as new audit and accounting standards that will affect nonprofit organizations.
Learning Objectives
- Consider how to account for and disclose ongoing transactions from COVID-related assistance
- Learn about the gifts-in-kind standard
- Consider the impact of the new audit standards on communications with audit committees and board members
- Plan for changes required by the new lease accounting standard
Major Topics
- A recap of revenue recognition (606) and grant accounting (ASU 2018-08) implementation with a focus on challenging areas
- Gifts-in-kind-New standard and review of valuation concerns
- COVID impact on nonprofit organizations-Financial statement disclosure considerations and accounting for Federal assistance or programs continuing to impact accounting
- New audit standards and their impact on communications with nonprofit management and those charged with governance
- Refresher regarding the new lease standard
