A Comprehensive NFP GAAP Update: What’s New and Upcoming
Author: Clark Nuber, Amy Hernandez, Andrew Prather
| CPE Credit: |
2 hours for CPAs |
2021 and 2022 have been transformative years for many organizations. Changes in the way we operate and comply with reporting and regulatory requirements have impacted many not-for-profit organizations. During this time, implementation dates were delayed for a number of new accounting standards, but will need to be implemented for 2022 and in 2023. Join us for an “A to Z” update on the delayed, new, and emerging FASB standards with a special section on GAAP application for various COVID-19 relief packages.
Publication Date: November 2022
Designed For
CPAs, CFOs, auditors, bookkeepers, staff accountants and others working with not-for-profit entities.
Topics Covered
- New Accounting Standards Effective in 2022 and 2023
- Gifts In-Kind
- Leases
- Current Expected Credit Loss (CECL)
- Other FASB Developments
- COVID Financial Reporting Considerations
- Auditing and Attest Standard Update
- Annual Reports and Auditor Reporting: SAS No. 137
- Recently Issued Auditing Standards SAS Nos. 142-148
Learning Objectives
- Recognize accounting standards that must be implemented in 2022 and 2023 and how they may affect your financial reporting
- Identify upcoming changes in GAAP that will apply to your organization and proactively plan for their implementation
- Recognize how to review the GAAP application, choices, and disclosures required in your 2022 financial statements for COVID-19 related relief packages and effects on operations
- Identify the ASU that requires presentation of nonfinancial assets as a separate line item in the statement of activities, apart from contributions of cash or other financial assets
- Identify the ASC Topic that provides the existing lease guidance prior to the release of ASC 842
- Identify the measurement method lease and non-lease components should be separated and allocated based on
- Identify the transaction excluded from the scope of the new CECL model
- Identify the SAS that included amendments related to auditor reporting on employee benefit plans
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)
Program Prerequisites
Basic understanding of NFP GAAP.
Advance Preparation
None
