2025 Annual Update for Not-for-Profit Accountants & Auditors

Overview

Stay ahead of the curve with this essential training designed for not-for-profit accountants and auditors. This course provides a comprehensive update on the latest developments impacting nonprofit financial reporting and auditing. On the accounting side, we will review the latest FASB standard-setting activities affecting NFPs, including programmatic investments and their interplay with the CECL standard. Additionally, we will explore the IFR4NPO project, a global initiative aimed at establishing universal financial reporting standards for nonprofits. Transitioning to auditing, this course covers the 2024 Yellow Book updates, the shift from quality control to quality management, and key audit matters with early adoption options. We'll also address Single Audit updates, GAO reports on improper payments and fraud, the Financial Data Transparency Act (FDTA), and recent Department of Education guidance on related parties.

Objectives

• Identify elements of the proposed IFR4NPO standards
• Recall the impact of recent standard setting on programmatic investments
• Identify the components of quality management
• Recall the components of quality management in the 2024 Yellow Book
• Identify changes to single audits as a result of the 2025 Compliance Supplement
• Recognize the impact of the 2024 Uniform Guidance on Single Audits
• Identify the key findings in GAO's Improper Payments: Information on Agencies' Fiscal Year 2023
• Recognize the requirements of the FDTA
• Identify the impact of the DOE's Related Party Disclosure Requirements on education audits

Highlights

• Not for Profit
• Auditing & Accounting
• Yellowbook