2024 Annual Update for Governments and Not-for-Profits

Overview

We kick off this course with a look at the GASB standards that are effective this year including GASB 100, Accounting Changes and Error Corrections and GASB 101, Compensated Absences.  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. The course closes with a look at the significant changes in the 2024 Compliance Supplement, the changes to the Uniform Guidance and the common deficiencies identified by the federal agencies and peer reviewers. 

Prerequisites

Prior experience with GAGAS, Uniform Guidance and governmental and nonprofit accounting

Objectives

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

Highlights

• Compensated Absences
• Financial Reporting Model
• 2024 Compliance Supplement
• Yellow Book
• Quality Management