Objectives
• Identify the effect of GASB statements on accounting and financial reporting for state and local governments.
• Identify how FASB's accounting 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.
• Identify the requirements of recently issued Statements on Auditing Standards (SASs).
• Identify changes to the AICPA Code of Professional Conduct that affect governments and NFPs.
• Identify changes made in the Government Auditing Standards 2024 Revision.
Major Topics
• GASB update
• Not-for-profit accounting update
• Revenue recognition in not-for-profits
• FASB's lease standard
• FASB update
• Auditor's report and conforming changes
• Auditing Standards Board update
• Governmental auditing update
