2024 Not-for-Profit Accounting & Auditing Update

The Not-for-Profit Advisory Committee has been busy discussing several projects that the FASB is working on and their impact on nonprofits. In this course, we will review the key issues and discussions from recent NAC meetings. We'll also take a look at ASUs issued by the FASB that may impact nonprofit financial statements. After a break, we then transition from accounting to auditing with a look at the common deficiencies found in nonprofit Yellow Book audits with a focus on CPE, reporting, and independence.

Upon completing this course, learners will be able to:

• Recall the impact of ASUs on nonprofit organizations
• Recall the activities of the Nonprofit Advisory Committee
• Identify the financial reporting impact of modification of lease contracts
• Identify common deficiencies in nonprofit accounting
• Recall the proper accounting agency transactions and functional expenses