The latest GASB developments and federal audit changes affecting governments and not-for-profits (NFPs) are explored in this update overview.
Learning 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
