2024 Not-for-Profit Accounting Update

Overview

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.

Prerequisites

Prior experience with nonprofit GAAP

Objectives

• 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

Highlights

• NAC
• CECL
• Leases