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

Learning Objectives

• To recognize the 3 indicators of a barrier in a conditional contribution
• To analyze a transaction to determine if it is a fiduciary activity
• To list changes in the 2018 Yellow Book
• To describe the proposed changes to the Uniform Guidance

Course Description

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

If you have taken the first edition of this course, this course will brush up introduction and review of recent occurrences in non-profit and governmental accounting & auditing. 

However, if you have not taken the first edition of this course, the course will still be a very valuable addition to your knowledge and CPE credits. Its standalone value is unique for experienced professionals. Further it serves as a follow-up for the professionals who tool a recent course for Yellow Book Boot Camp.

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

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

This 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 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 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.

3. Yellow Book Update: 

The 2018 Yellow Book went into effect in June 2020 for audits, reviews, and attestation engagements. This 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 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.

Overview

• Addressing Contribution VS. Exchange

  7 mins
• Recognition & Measurement of transactions

  48 mins
• Nonprofit ASUs

  65 mins
• GASB 84 - Fiduciary Activities

  110 mins
• Subsequent Measurement of the Lease Asset Costs

  167 mins
• 2018 Yellow Book Overview

  202 mins
• Weaknesses in internal control that results in Waste & Abuse

  242 mins
• COVID19 Impacts for Yellow Book

  279 mins
• Professional Skepticism in remote audits

  338 mins
• Compliance Supplement

  369 mins