Webinar

Annual Update for Governments and Not-for-Profits

If you have questions about this event, please call us at 952-831-2707.

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This comprehensive course provides the essential updates for professionals working with governments and not-for-profit organizations. We'll begin with an in-depth review of recent GASB standards, including compensated absences, certain asset disclosures, risk and uncertainty disclosures, and financial reporting model improvements. For each standard, we'll cover its background, potential impact, and practical strategies for implementation to ensure you're fully prepared. Next, we'll shift focus to the FASB and its implications for nonprofit organizations. While there haven't been recent nonprofit-specific standards, several Accounting Standard Updates (ASUs) significantly impact NFPs. We'll explore these ASUs, evaluate changes to programmatic investments, and discuss their interplay with the CECL standard. Additionally, we'll highlight the movement in IFR4NPO, a global initiative to develop universal financial reporting standards for nonprofits, offering insights into its potential worldwide impact.

In the second half, we'll turn to governmental auditing. Key topics include the 2024 Yellow Book updates, the transition from quality control to quality management, and the implementation timelines. For Single Audits, we'll cover the 2024 Uniform Guidance changes, the 2025 Compliance Supplement, GAO reports on improper payments and fraud, the Financial Data Transparency Act (FDTA), and recent Department of Education guidance on related parties.

Major subjects

• Not for Profit
• Governmental Auditing & Accounting
• Yellowbook

Learning objectives

• Recognize the impact of GASB 101 on accounting for compensated absences
• Recall changes to the financial reporting model
• Identify changes to disclosure requirements for certain assets and risks
• Identify elements of the proposed IFR4NPO standards
• Recall the impact of recent standard setting on programmatic investments
• Recognize the impact of recent ASUs on nonprofit financial reporting
• 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

Who should take this program?

• Accounting Professionals

Pricing

Our records indicate you are a nonmember. If you register, you will be charged $209.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.