2024 Annual Update for Governments & Not-for-Profits

Overview

We kick off this course with a look at the GASB standards that are effective this year including GASB 100, Accounting Changes and Error Corrections and GASB 101, Compensated Absences. We then move to the NFP side of the house with a look at the Accounting Standard Updates issued by the FASB that impacts nonprofit entities. Following that, we review the work of the Not-for-Profit Advisory Committee (NAC) and the projects they advise the FASB on. After the break, we will conduct a deeper dive into Yellow Book and Single Audit engagements. The course closes with a look at the significant changes in the 2024 Compliance Supplement, the changes to the Uniform Guidance and the common deficiencies identified by the federal agencies and peer reviewers. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Highlights

The major topics that will be covered in this course include:

• New GASB standards
  • GASB 100, Accounting Changes and Error Corrections
  • GASB 101, Compensated Absences.
• Accounting Standard Updates issued by the FASB
• Not-for-Profit Advisory Committee (NAC) and the projects they advise the FASB on.
• Yellow Book and Single Audit engagements.
• Changes in the 2024 Compliance Supplement
• Changes to the Uniform Guidance
• Common deficiencies identified by the federal agencies and peer reviewers.

Prerequisites

Prior experience with GAGAS, Uniform Guidance and governmental and nonprofit accounting

Designed For

Practitioners and members in industry responsible for accounting & financial reporting for nonprofit or governmental entities.

Objectives

After attending this presentation, you will be able to...

• Recall changes to nonprofit and governmental accounting standards.
• Identify key issues in governmental auditing.

Preparation

None