Governmental and Not-for-Profit Annual Update - Greater Washington Society of CPAs

Overview

The latest GASB developments and federal audit changes affecting governments and not-for-profits (NFPs) are explored in this update overview.

GASB update

Not-for-profit accounting update

Revenue recognition in not-for-profits

FASB's lease standard

FASB update

Auditor's report and conforming changes

Auditing Standards Board update

Governmental auditing update

Basic knowledge and experience in governmental and not-for-profit accounting and auditing

Accountants and finance professionals working with governments and not-for-profits

Identify the effect of GASB statements on accounting and financial reporting for state and local governments.
Identify how FASB's accounting updates affect not-for-profit financial statements.
Apply FASB Accounting Standards Update (ASU) No. 2016-13,
Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
, to an example financial instrument.
Identify the requirements of recently issued Statements on Auditing Standards (SASs).
Identify changes to the AICPA Code of Professional Conduct that affect governments and NFPs.
Identify changes made in the Government Auditing Standards 2024 Revision.