Governmental and Not-for-Profit Annual Update (7.5 hours)

Overview

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

You’ll ensure that you understand the recent developments in governmental and not-for-profit accounting and auditing with this update course. This 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
• GASB Statement No. 103, *Financial Reporting Model Improvements*
• GASB Statement No. 104, *Disclosure of Certain Capital Assets*
• FASB Accounting Standards Update (ASU) ASU No. 2022-03, *Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions*
• ASU No. 2023-08, *Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets*
• ASU No. 2025-05, *Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets*
• Auditing Standards Board update
• Governmental auditing update

Prerequisites

Basic knowledge and experience in governmental and not-for-profit accounting and auditing

Designed For

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

Objectives

• Identify the effect of GASB Statements on accounting and financial reporting for state and local governments, as well as the projects that are on the active standard-setting agenda and their objectives.
• Apply the provisions of recently implemented GASB Statements.
• Apply the provisions of recent FASB Accounting Standards Updates.
• 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 the projects and objectives on the Auditing Standard Board's 2026-2027 audit standard-setting workplan agenda that may affect auditors.
• Distinguish the provisions of the Government Auditing Standards 2024 Revision.
• Identify changes to the Uniform Guidance.