Nonprofit Accounting and Auditing Update WEBAST

Wednesday, December 1 8:00am - 3:30pm PST

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8.0 Credits

Member Price $289.00

Non-Member Price $389.00

Overview

Stay current in the nonprofit world with this comprehensive discussion of recent changes and requirements for nonprofit accounting and auditing. This year’s course will include a section covering the recognition and presentation of COVID-related transactions and uncertainties in the nonprofit context, as well as new accounting standards that will affect nonprofit organizations. Review common errors in nonprofit financial statements and audit issues unique to nonprofits, as well as the recently issued financial reporting changes to nonprofits.

Highlights

Revenue recognition (606) implementation for organizations that took advantage of the delay. Gifts-in-kind - New standard and review of valuation concerns. COVID impact on nonprofit organizations - Financial statement disclosure considerations and accounting for Federal assistance (including Paycheck Protection Program). Impact of remote work on audit risk and internal control. Recent changes to financial statement presentation and a refresher regarding the new lease standard.

Prerequisites

Familiarity with accounting requirements for nonprofits and generally accepted auditing standards.

Designed For

CPAs, auditors, accountants and financial professionals.

Objectives

Recognize financial statement presentation requirements for nonprofits. Learn about how to account for and disclose COVID-related assistance and risks. Learn about the new grant accounting guidance in ASC 606 and gifts-in-kind standard. Plan for changes required by the new revenue recognition and lease accounting standards.  Consider methodologies for cost allocation for the functional presentation and grant accounting needs.  Identify accounting challenges for nonprofits.  Identify audit issues unique to nonprofits.

Preparation

None.

Notice

None.

Leader(s):

  • Ann Freiermuth

Non-Member Price $389.00

Member Price $289.00