This course covers FASB Accounting Standard Updates (ASUs) that impact NFPs. It includes a deep dive into Revenue Recognition for Grants and Contracts and its interplay with Topic 606. Attendees
This course covers FASB Accounting Standard Updates (ASUs) that impact NFPs. It includes a deep dive into Revenue Recognition for Grants and Contracts and its interplay with Topic 606. Attendees will also gain an understanding of what must be considered in order to implement standards impacting nonprofit entities including leases, the definition of collection, goodwill amortization for nonprofits and gifts in kind. We close with a look at the impact of COVID19 on reporting for nonprofit entities. This course covers the important changes to Yellow Book as well as Single Audits. We will review the major changes auditors need to understand when performing audits under GAGAS (aka Yellow Book or Government Auditing Standards). Areas of focus include the updated independence requirements, form and organization of the guidance and quality control. We will then switch gears and cover the Uniform Guidance to provide participants with the information they need to properly perform and document a Single Audit under the Uniform Grant Guidance. We’ll focus on considerations that will impact current audits including the most recent compliance supplement including a discussion of the impact of COVID on Single Audits. Attendees will review the new changes to the Uniform Guidance that were recently issued to help attendees be prepared for their Single Audits.
(Tuesday) 8:00 am - 4:00 pm CST
Tennessee Society of CPAs