Description

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

Target Audience

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

Course Objectives

'- 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.

Subjects

- 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

Prerequisites

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