Current and Upcoming FASB Issues

Description

Change is inevitable and at times overwhelming if you are unprepared.

Ensure that you understand the recent developments in governmental and not-for-profit accounting and auditing. This update course is designed to prepare you for the latest accounting and auditing developments affecting governments and not-for-profits and give you the tools and knowledge to implement the new standards.

Understanding new standards that affect governmental and not-for-profit accounting

Recent updates to accounting and auditing standards will change how governmental and not-for-profit accounting and auditing is performed.

You'll learn how to implement and understand recent additions, including:

GASB Statements FASB Accounting Standards Updates Auditing Standards Board Updates Changes to *Government Auditing Standards*

Detailed scenarios to increase your comprehension

Real-world examples help increase your comprehension of how to implement the changes in your work. You'll be empowered to properly identify when new standards should be applied.

Highlights

GASB update Not-for-profit accounting update Compensated absences GASB Statement No. 102,
  • Certain Risk Disclosures
  • FASB Accounting Standards Update (ASU) No. 2016-13,
  • Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
  • Statement on Quality Management Standards (SQMS) No. 1, 2, and 3
  • Auditing Standards Board update
  • Governmental auditing update

Objectives

  • Identify the effect of GASB statements on accounting and financial reporting for state and local governments.
  • Identify the projects that are on the active standard-setting agenda and their objectives.
  • Identify when a liability should be recorded for compensated absences.
  • Apply the disclosure criteria related to concentrations and constraints to determine whether and how to make disclosures required under GASB Statement No. 102,
  • Certain Risk Disclosures
  • .
  • Identify how FASB's Accounting Standards Updates affect not-for-profit financial statements.
  • Apply FASB Accounting Standards Update (ASU) No. 2016-13,
  • Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
  • , to an example financial instrument.
  • Apply ASU No. 2017-04,
  • Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment
  • , to various goodwill scenarios.
  • Identify the requirements of recently issued or effective Statements on Auditing Standards (SASs).
  • Identify the requirements of Statement on Quality Management Standards (SQMS) No. 1,
  • A Firm's System of Quality Management
  • , SQMS No. 2,
  • Engagement Quality Reviews
  • , and SQMS No. 3,
  • Amendments to QM Sections 10
  • , A Firm's System of Quality Management,
  • and 20
  • , Engagement Quality Reviews.
  • Identify recent changes to the AICPA Code of Professional Conduct that affect auditors of governments and NFPs.
  • Distinguish the provisions of the Government Auditing Standards 2024 Revision.
  • Identify Yellow Book requirements related to independence, management's responsibilities, and reporting.
  • Identify changes to the Uniform Guidance.

Designed For

Accountants and finance professionals working with governments and not-for-profits