MORNING SESSION:
With two active standard setters (i.e., the GASB and FASB), there are always important developments occurring in government and nonprofit accounting. Time is valuable and it’s hard to stay current in today’s rapidly changing environment. Let us save you time and effort in staying current through this informative update course. The purpose of this course is to enable you to excel in the constantly changing government and nonprofit environment. The course materials utilize a highly illustrative and innovative format. Over a dozen focused exercises are included to provide an enhanced working knowledge of the latest developments in government and nonprofit accounting.
AFTERNOON SESSION:
The 2018 Yellow Book revision represents the first comprehensive overhaul of the Yellow Book standards since 2011! This course not only explains the new standards, it also prepares you to excel in implementing the new Yellow Book. Learn precisely what the new Yellow Book does and does not require auditors to do. The course materials utilize a highly illustrative and innovative format. Over 15 focused exercises are included to provide an enhanced knowledge of the new Yellow Book.
DESIGNED FOR
Auditors and industry professionals working in the government and nonprofit environment. Auditors performing Yellow Book Engagements.
BENEFITS
- Keep up to date with the latest developments related to governments and nonprofits at the FASB and GASB
- Ensure that your accounting skills stay up-to-date with current requirements
- Be prepared for major changes on the horizon
- Thoroughly understand the requirements of the new Yellow Book and how they relate to the AICPA and single audit requirements
- Prepare to implement the new Yellow Book in an effective and efficient manner
- Save time by understanding what the new Yellow Book does and does not require auditors to do
HIGHLIGHTS
MORNING SESSION: Latest Developments in Government and Nonprofit Accounting
- Prepare for the implementation of the new FASB ASU on nonprofit financial reporting (i.e., ASU No. 2016-14) while also developing a deeper understanding of the effects that the FASB ASUs on leases (i.e., ASU No. 2016-02) and revenue recognition (i.e., ASU No. 2014-09) will have on nonprofits in the years to come
- Recent GASB activities directed towards state and local governments with an emphasis on the implementation of GASB No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions
AFTERNOON SESSION: The 2018 Yellow Book Revision
- Critical concepts related to applying the new Yellow Book including when the standards are applicable; the types of engagements involved; the relationship between the Yellow Book and other standards; and the importance of stating compliance with the Yellow Book in reporting
- The new Yellow Book standards related to ethics; independence; professional judgment; competence and CPE; quality control; and peer review
- The new Yellow Book requirements related to performing and reporting on financial audits and how those requirements affect the audit in areas like internal control
- The new Yellow Book requirements related to attestation engagements (i.e., examinations, reviews, and agreed-upon procedures engagements) and performance audits
COURSE LEVEL
Basic
PREREQUISITES
Knowledge of government and nonprofit accounting, and basic audit knowledge.
ADVANCE PREPARATION
None
ADDITIONAL NOTES
- Qualifies for Yellow Book.
NJCPA Goes Green - Registrants Save $20
New for 2018, course materials will be distributed electronically and we're passing the savings along to you. All 8-hour seminar pricing has been reduced by $20. To access, visit your My Events page. Download to your laptop or tablet prior to your seminar. Handouts are added as received.
Help Feed Those in Need- The NJCPA Emerging Leaders Council is hosting a Food Drive to benefit the Community FoodBank of New Jersey. Please bring your nonperishable items and canned goods to this event. Peanut butter and tuna fish are always needed.