2024 Not-for-Profit Accounting & Auditing Update

Overview

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.

Prerequisites

Prior experience with nonprofit financial reporting and GAGAS

Objectives

• Recall the impact of ASUs on nonprofit organizations 
• Recall the activities of the nonprofit advisory committee 
• Identify common deficiencies in Yellow Book Engagements 
• Recall the independence requirements in Yellow Book

Highlights

• CECL
• NAC
• Independence