Not-for-Profit Issues: Accounting and Auditing Update

Author: Pat Patterson

Not-For-Profit organizations (NFPs) generally operate under accounting standards governed by the Financial Accounting Standards Board (FASB) and auditing standards from the AICPA’s Auditing Standards Board (ASB). There are several new standards effective for fiscal years starting after December 2020. This course focuses on the new guidance found in FASB Accounting Standards published in the Updates and the standards from the AICPA in their auditing, attestation, and preparation, compilation, and review standards:

Update 2016-14 (Topic 958), Presentation of Financial Statements of Not-for-Profit Entities and:

• Accounting Standards Update 2018-08—Not-for-Profit Entities (Topic 958): Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made,
  
  
• Update 2019-03—Not-for-Profit Entities (Topic 958): Updating the Definition of Collections,
  
  
• Update 2019-06—Intangibles—Goodwill and Other (Topic 350), Business Combinations (Topic 805), and Not-for-Profit Entities (Topic 958): Extending the Private Company Accounting Alternatives on Goodwill and Certain Identifiable Intangible Assets to Not-for-Profit Entities
  
  
• Update 2020-07—Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets
  
  
• Auditing Standards Board Statements on Auditing Standards Nos. 134-148
  
  
• ARSC SSARS 25 26
  
  
• SSAAE 20-22

Publication Date: April 2023

Designed For
CPA Professionals in not-for-profits, public accounting, business, education, and government. This includes those professionals who are in occupations that are not not-for-profit entities but serve on the boards of the not-for-profits including religious organizations.

Topics Covered

• Update on Not-for-Profit (NFP) FASB Standards issues
• Update on NFP Auditing Issues
• Update on top related issues
• COVID-19 Issues
• SSARS 25 & 26
• Illustrations
• Any other important issues for NFPs deemed appropriate and timely

Learning Objectives

• Recognize and apply updates on NFP FASB Standards and NFP Auditing Issues issued
• Recognize and apply standards from attestation, preparation, compilation, and review engagements
• Recognize examples of reporting issues
• Identify examples of an entity that falls outside the definition of a nongovernmental NFP
• Recognize how to differentiate ASUs and how they apply
• Recognize how to apply new auditing techniques for NFPs

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)

Program Prerequisites
A general knowledge of not-for-profit issues.

Advance Preparation
None