Stay current in the nonprofit world by discussing 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 and new audit and accounting standards that will affect nonprofit organizations.
Learning Objectives
• Consider how to account for and disclose ongoing transactions from COVID-related assistance
• Learn about the gifts-in-kind standard
• Consider the impact of the new audit standards on communications with audit committees and board members
• Plan for changes required by the new lease accounting standard
Major Topics
• A recap of revenue recognition (606) and grant accounting (ASU 2018-08) implementation with a focus on challenging areas
• Gifts-in-kind—New standard and review of valuation concerns
• COVID impact on nonprofit organizations—Financial statement disclosure considerations and accounting for Federal assistance or programs continuing to impact accounting
• New audit standards and their impact on communications with nonprofit management and those charged with governance
• Refresher regarding the new lease standard
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