2024 Not-for-Profit Accounting Update

The Not-for-Profit Advisory Committee (NAC) has been meeting with FASB to discuss the impact of various standards on the nonprofit community. In this course, we will explore the work of the NAC and the impact they've had. We then transition to the Accounting Standards Updates (ASUs) issued by the FASB that are impacting nonprofit entities, including a review of year 2 issues with respect to the leases standard including modification accounting. We will close with a look at common deficiencies found in nonprofit financials.

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 proper accounting for agency transactions and functional expenses