Event Type : In person

The Government Accounting Standards Board (GASB) has been very active in its standard setting agenda. This course reviews accounting standards issued by the Government Accounting Standards Board (GASB) that have been recently issued as well as those that will be effective in the near future. Key areas of focus will include fiduciary activities, leases, PPP and SBITAs. We’ll also discuss accounting for various CARES Act funding. In addition to reviewing the standards, we will also focus on implementation strategies and challenges. Finally, we will turn our attention to the future by discussing GASB’s current projects and exposure drafts including revenue and expense recognition and the financial reporting model.

Attendees will be able to:

• Describe the impact of newly issued and recently effective standards on governmental accounting
• Recall the impact of proposed changes to governmental financial reporting

Not-For-Profit entities are challenged with many unique accounting issues. This course features a deep dive into ASU 2018-08 and its impact on revenue recognition for grants and other contracts including the application for various CARES Act and related federal funding. We’ll also review other ASUs directly or indirectly impacting nonprofit entities including contributed nonfinancial assets. As we turn from accounting to auditing, we will look at recent changes in auditing and attestation standards that will impact NFPs, and the latest developments in OMB and Yellow Book requirements.

Attendees will be able to:

• Analyze a transaction to determine if it is a contribution or exchange transaction
• Define the term collection
• Describe the alternative to goodwill impairment testing for nonprofits
• List changes Government Auditing Standards as a result of the 2018 Revision
• Identify changes in the new Compliance Supplement for Single Audits
• Recall impact of CARES Act funding on financial reporting and auditing

The pace of change accelerated significantly in the last two years and it isn’t slowing down. Depending on your mindset, skill set and resources, this can either be a challenge or an opportunity. No other event comes close to our breadth or depth of specialized content or our exhibit hall filled with relevant tools and resources. You’ll gain exclusive insights, develop practical skills, and network with your unique professional community over 4 energizing days.