Review the accounting standards newly issued by GASB, including Compensated Absences, Public Private Partnerships and Subscription Based IT Arrangements and implementing standards that will be effective soon. Discuss the financial statements and unique accounting principles applicable to not-for-profit organizations. Focus on the typical transactions and account balances unique to NFPs, including net asset classification, agency transactions, contribution accounting, endowments, and programmatic investments. Cover accounting rules such as classifying contributions and recording restrictions, allocating program expenses, and properly identifying conditions. Review not-for-profit financial statements and their required elements. Discuss GASB's current projects and exposure drafts so you better understand what's coming down the road. Focus on governmental auditing and the significant changes in Single Audit and Yellow Book impacting governmental accountants and auditors.
- Describe common deficiencies in Yellow Book engagements
- List changes to the Compliance Supplement
- Recall audit impact of CARES Act Funding
- Identify changes to governmental financial reporting
- Recall differences between commercial accounting requirements and nonprofit standards
- Identify unique elements of nonprofit GAAP