Accounting and Auditing

GASB Statement No. 84 on Fiduciary Activities is effective for reporting periods beginning after December 15, 2019. This course examines the issues involved in implementing this standard and lessons already learned from preparing for implementation. Discussion Leaders: Gerry Boaz and Jerry Durham

Not-For-Profit entities are challenged with many unique accounting issues. This course features a deep dive into ASU 2018-08 and its impact on revenue recognition for grants and other contracts including the application for various CARES Act and related federal funding. We’ll also review other ASUs directly or indirectly impacting nonprofit entities including contributed nonfinancial assets. As we turn from accounting to auditing, we will look at recent changes in auditing and attestation standards that will impact NFPs, and the latest developments in OMB and Yellow Book requirements. Discussion Leader: Melisa Galasso

The Government Accounting Standards Board (GASB) has been very active in its standard setting agenda. This course reviews accounting standards issued by the Government Accounting Standards Board (GASB) that have been recently issued as well as those that will be effective in the near future. Key areas of focus will include fiduciary activities, leases, PPP and SBITAs. We’ll also discuss accounting for various CARES Act funding. In addition to reviewing the standards, we will also focus on implementation strategies and challenges. Finally, we will turn our attention to the future by discussing GASB’s current projects and exposure drafts including revenue and expense recognition and the financial reporting model. Discussion Leader: Melisa Galasso

This course will cover the Accounting Standards Updates (ASUs) issued by the FASB that are effective for 2021 year ends. The course will also address those standards that will be effective in the near future that are well suited for early implementation We’ll take a deep dive into how to prepare for the leases and financial instruments standards in longer courses. Discussion Leader: Melisa Galasso

Fraud involves an intentional act to deceive, which may result in material misstatement in the financial statements due to fraudulent financial reporting or misappropriation of assets. Management’s responsibility is to design, implement, maintain and monitor a system of internal control to prevent, or detect and correct, fraud. This module will focus on real-life and practical examples of fraud in smaller- and mid-size environments, including nonprofits. Discussion Leader: Jennifer Louis

The AICPA has been busy lately! This course will cover recently issued SASes, SSARS and SSAEs. We’ll look at recently issued audit standards as well as major proposals. The AICPA delayed the effective date of the auditor reporting suite to December 2021. The course will also review the changes to auditing estimates and audit evidence. The ASB also made significant changes to all three attestation engagements – examinations, reviews and AUPs. We’ll review the impact of the latest round of updates. The course will close with a review of recently issued PEEC interpretations that will include major changes to the Code of Professional Conduct.

This course will cover the Accounting Standard Updates (ASUs) issued by the FASB that are effective for 2021 year ends. The course will also address those standards that will be effective in the near future that are well suited for early implementation. We’ll take a deep dive into how to prepare for the leases and financial instruments standards in longer courses.

This course will address the accounting and auditing for COVID19 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.

Both public and private CPAs must be current on changes to various potentially relevant professional standards, including changes related audits, compilations, reviews, and other attest services. This module provides recent and proposed changes to relevant professional and regulatory standards that have potential impact on public accounting services provided in the current period.

Both public and private CPAs must be current on changes to various potentially relevant accounting and financial reporting standards, including U.S. GAAP. This module provides recent and proposed changes to relevant technical standards most relevant to the preparation and fair presentation of current period financial statements.