Yellow Book Boot Camp - NFP and Governmental Accounting & Auditing Update

Course Description

Accountants irrespective of practicing in a specific industry or in public that has a special focus on non-profit as well as government entities have to be updated with the changes in the rules. This is a specialized online continuing education course designed to keep such an audience in focus.

This online CPE course will brush up introduction and review of recent occurrences in non-profit and governmental accounting & auditing. 

The standalone value of this online CPE course is unique for experienced professionals.

This online webinar will start to build on the foundational understanding in the areas of non-profit and governmental accounting and auditing.

This online CPE webinar covers the following key topics:

• Key accounting standards impacting non-profits and governments now and in near future;
• Review the changes happening for governmental audits

This yellow book update webinar covers all four aspects of a Yellow Book Boot Camp:

• Government GAAP Update
• Not for Profit GAAP Update
• Yellow Book Update
• Uniform Guidance Update

Additional information on these components are as follows:

1. Government GAAP Update: 

GASB has been issuing standards impacting state and local governments. This course will focus on:

• GASB 95 and its impact on effective dates 
• GASB 84 - Fiduciary Activities
• GASB 87 - Leases.

It will close with a review of GASB’s Technical Bulletin, Accounting and Financial Reporting Issues Related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) of 2020 and Coronavirus Diseases, as well as GASB’s Toolbox for entities to consider the impact of COVID on financial reporting.

2. Not for Profit GAAP Update: 

This continuing education course takes 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 online course by speaker Melisa Galasso, CPA 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.

3. Yellow Book Update: 

The 2018 Yellow Book went into effect in June 2020 for audits, reviews, and attestation engagements. This online CPE course will focus on the key changes ranging from independence, quality control, and peer review, waste and abuse, and Yellow Book CPE requirements. This will cover the major changes from the 2011 version and how these changes will impact current year audits. We close with some considerations issued by GAO on how COVID19 will impact Yellow Book audits including impacts on risk assessment, evidence, and quality control.

4. Uniform Guidance Update: 

This online continuing education course will keep you informed about what’s going on in Uniform Guidance including the new compliance supplement, the 2020 update to the Uniform Guidance, the GREAT Act, and how COVID19 is impacting Single Audits. We also cover internal controls over compliance. Based on an AICPA Enhancing Audit Quality study, 23% of all single audits subject to enhanced oversight were materially non-conforming with professional standards due to failure to properly test controls over compliance. This course will help firms understand how to better document testing of controls to reduce deficiency rates while keeping attendees up to date with the information they need to perform Single Audits in these changing times.

Learning Objectives

• To explore not-for-profit accounting updates for revenue recognition
• To recognize not-for-profit accounting updates Non-profit ASUs
• To identify not-for-profit accounting updates NFP proposals
• To recall not-for-profit accounting updates with COVID-19 impact
• To explore Governmental Accounting key updates: GASB 95, 84, 87, 89, and 90

Recommended For

The Yellow Book 8 CPE course is recommended for CPAs, CIAs, CGAPs, Internal as well as External Auditors to upgrade their knowledge about governmental accounting and auditing. 

Who Should Attend?

Webinar Qualifies For

• 8 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
• 8 CPE Credit for Internal Audit Practitioner (IAP)
• 8 CPE Credit for Certified Valuation Analyst (CVA)
• 8 CPE Credit of Accounting & Auditing (Govt.) for Certified Public Accountants (CPA-US)
• 8 CPE Credit for Certified Management Accountants (CMA)
• 8 CPE Credit of Accounting & Auditing for Certified Internal Auditors (CIA)
• 8 CPE Credit for Certified Government Auditing Professional (CGAP)

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