Accounting & Auditing (Nonprofit)

Budgeting From the Bottom Up (LIMG10/26)

Most budgeting processes look at revenue as the starting point. This session examines the budgeting process from the bottom of the profit and loss statement rather than the top. The process begins with the profit desired for the company or a revenue producing department. Then the overhead the company or department needs to cover for those earnings. Then from the gross profit you can determine the needed revenue.

During the process net profit per unit of revenue, overhead cost per unit of revenue, and other metrics are determined to create a living budget which is reviewed monthly.

Not-for-Profit Accounting & Auditing Update (LIAA24/24)

The Not-for-Profit Advisory Committee has been busy discussing several projects that the FASB is working on and their impact on nonprofits. In this course, we will review the key issues and discussions from recent NAC meetings. We’ll also take a look at ASUs issued by the FASB that may impact nonprofit financial statements. After a break, we then transition from accounting to auditing with a look at the common deficiencies found in nonprofit Yellow Book audits with a focus on CPE, reporting, and independence. Discussion Leader: Melisa Galasso

What’s Going on at the FASB (LIAA23/24)

The course will start with the Accounting Standard Updates effective in 2024 for public entities, private entities, and nonprofits. We will also review significant changes to common control lease arrangements issued early in 2024. After a break, we switch our attention to the items coming down the pike, including a look at the projects identified by the FASB’s Invitation to Comment: Agenda Consultation. Discussion Leader: Melisa Galasso

FASB Practical Expedient Options (LIAA21-24)

The FASB formed the Private Company Council to provide certain alternatives in U.S. GAAP that are only available to nonpublic business entities, with limited exceptions for certain nonprofits. This course will provide insight into when adopting the accounting and financial reporting alternatives would be to the advantage of private companies. Discussion Leader: Jennifer Louis

Nonprofit Update (LIAA40/23)

The Not-for-Profit Advisory Committee (NAC) has been meeting with FASB to discuss the impact of various standards on the nonprofit community. In this course, we will explore the work of the NAC and the impact they’ve had. We then transition to the Accounting Standards Updates (ASUs) issued by the FASB that are impacting nonprofit entities, including a deep dive into the leases standard which is effective for many nonprofits this fiscal year. We will close with a look at common deficiencies found in grant accounting. Discussion Leader: Melisa Galasso

Accounting Auditing COVID19 Funding (LIAA04/23)

This course will address the accounting and auditing for COVID-19 funds ranging from the CARES Act to ARP and everything in between. Attendees will address accounting issues ranging from goodwill and asset impairment to risk and uncertainty disclosures. The AICPA predicts there will be more than 10,000 new single audits due to all the federal funding related to COVID. We’ll address the impact on Single Audits including instructions in the 2021 Compliance Supplement. We’ll close with a look at remote auditing in a COVID environment. Discussion Leader: Melisa Galasso

Selected Fraud Cases from State and Local Governments (LIAA44/22)

This course discusses recent frauds that have been perpetrated in State and Local governments. This course will help you learn how fraudsters think so you can outsmart them. Discussion Leaders: Gerry Boaz and Jerry Durham

Lessons Learned from Implementing ASU 2018-08 (LIAA85)

A discussion of best practices and frequently asked questions related to the clarified accounting standards for contributions made and contributions received. Discussion Leader: Kristen Jerome

What’s Going on in Nonprofit Accounting (LIAA87)

Many nonprofits have received funding related to COVID. This course does a deep dive into revenue recognition for nonprofit entities. Attendees will be engaged through case studies to determine whether a transaction is a contribution or exchange transaction as well as whether a stipulation is a condition that impacts recognition. The course will also cover some additional guidance FASB has provided on cost sharing as well as whether a requirement to follow a budget represents a condition. We then switch gears and look to standards directly impacting nonprofits including collections, gifts in kind, and goodwill. The course closes with a look at how nonprofits will account for PPP loans and how they can leverage ASU 2018-08 for accounting and financial reporting. Discussion Leader: Melisa Galasso

2018 Yellow Book Independence (LIAA86)

People who work in a governmental environment have many rules of ethics that they must follow. The Government Accountability Office issues Yellow Book which provides rules related to ethics and independence which received a major update in 2018. We’ll review some of the key elements of ethics relevant to governmental entities and auditors to prevent independence noncompliance. Discussion Leader: Melisa Galasso

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