This course provides a high-level overview of the most important accounting, financial reporting, compliance and audit issues facing nonprofit entities and their accountants. The focus is on explaining the basis behind major issues and trends in executive summary (yet practical) form, enabling professionals to understand the most important aspects of relevant standards, and the basis for any potential changes on the horizon.
DESIGNED FOR
Anyone who is responsible for preparing financial statements or performs financial statement or Single Audits
BENEFITS
After attending this presentation, you will be able to...
- Recall recent developments of the FASB, GAO, OMB and AICPA relevant to nonprofit entities
- Analyze the impact of new technical, professional, and regulatory requirements on nonprofit entities
- Recall current accounting, reporting, and compliance issues faced by nonprofit entities
- Apply best practices to minimize noncompliance with Yellow Book and Single Audits
HIGHLIGHTS
The major topics that will be covered in this course include:
• Current impacts of accounting and financial reporting on nonprofit entities • Recently released FASB standards that impact nonprofit financial reporting the most• Current issues and challenges involving Yellow Book financial statement audits• Critical considerations when performing Single Audits under OMB Uniform Guidance for Federal Awards • Important AICPA professional standard developments related to providing audit and nonaudit services to nonprofits
PREREQUISITES
Familiarity with GAAP, SAS, Yellow Book and Single Audit
ADVANCE PREPARATION
None