Not-for-Profit Accounting & Auditing Update

This course covers FASB Accounting Standard Updates (ASUs) that impact NFPs. It includes a deep dive into the new disclosure requirements for contributed nonfinancial assets in ASU 2020-07. We also review the impact of COVID-19 on accounting for various federal funding in response to the global pandemic. Then we will turn our attention to the audit side of the house and focus on changes to the auditor's report. The course closes with a look at the new compliance supplement and changes to the Uniform Guidance.

Learning Objectives

Recall the disclosure requirements for contributed nonfinancial assets
Describe changes to the Uniform Guidance
Recall changes to the auditor's report
Identify the impact of COVID-19 on financial reporting

Major Topics

COVID-19
Gifts in Kind
Auditor Reporting
Uniform Guidance

CPE Credits Available

Total CPE

4: Accounting & Auditing

Things to Know About This Course

Course Level

Update

Prerequisites

Prior Experience with NFP financial reporting or auditing

Advanced Preparation

None

Intended Audience

Ideal for practitioners and members in industry responsible for accounting and financial reporting for nonprofit entities

Provider

ACPEN