Description

We kick off this course with a look at the GASB standards that are effective this year with a deeper dive into GASB 94, Public Private Partnerships and GASB 96, Subscription Based IT Arrangements. We'll also look at smaller standards that are also effective for 2023 year ends. We then move to the NFP side of the house with a look at the Accounting Standard Updates issued by the FASB that impacts nonprofit entities. Following that, we review the work of the Not-for-Profit Advisory Committee (NAC) and the projects they advise the FASB on. After the break, we will conduct a deeper dive into Yellow Book and Single Audit engagements. This course will cover the Yellow Book independence requirements which are required any time an auditor performs a Yellow Book or Single Audit even when the engagement is for a for-profit entity. We'll also review the new alternative engagements that have been created by various federal agencies to provide alternatives to Single Audits including SVOG, CSLFRF, and PRF engagements. The course closes with a look at the significant changes in the 2023 Compliance Supplement and the COVID deficiencies identified by the federal agencies and peer reviewers. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Presented by Galasso Learning Solutions LLC

Target Audience

Practitioners and members in industry responsible for accounting and financial reporting for nonprofit or governmental entities

Course Objectives

• Recall changes to nonprofit and governmental accounting standards
• Identify key issues in governmental auditing

Subjects

• Effective GASB standards
• Nonprofit GAAP update
• Yellow Book independence

Prerequisites

Prior experience with financial reporting or auditing of nonprofit and governmental entities