2020 Not-for-Profit Accounting and Auditing Update

Learn the latest accounting and auditing developments affecting not-for-profits so that accountants, auditors, and financial managers can prepare financial statements with confidence. This work covers new FASB requirements and information on the latest OMB and Yellow Book developments. It features major program determination and case studies related to revenue recognition and auditing documentation and covers hot topics including:

• NFP financial statements
• Risk assessment
• Documentation
• Leases
• Yellow Book
• Major program determination Key changes
• GASB updates including GASB Statement No. 91, Conduit Debt Obligations
• AICPA activities including changes to the auditor's report
• FASB updates including revenue recognition, grants and contracts, updating the definition of collections, and implementation issue surrounding the financial reporting standard
• Federal government activities including updates to the Compliance Supplement and proposed changes to the Uniform Guidance

Melisa F. Galasso, CPA, is the founder and CEO of Galasso Learning Solutions LLC. She designs and facilitates courses in advanced technical accounting and auditing topics, including not for profit and governmental accounting. Galasso is a Certified Professional in Learning & Performance (CPLP) and has earned the Association for Talent Development Master Trainerâ„¢ designation. She also serves on the FASB's Not-for-Profit Advisory Committee (NAC), the AICPA's Technical Issues Committee (TIC), has had leadership roles on various A&A committees, and serves on the VSCPA's Board of Directors. She is a 2020 Enterprising Women of the Year Award recipient and was honored as a "40 under 40" by CPA Practice Advisor in 2017 and 2018. She was also named the 2019 Rising Star by her regional NAWBO chapter, received the Don Farmer award for achievement in technical content instruction, and earned several other awards for public speaking and technical training.

Chapter 1 1-1

AICPA Activities 1-1

Recently issued auditing and attestation standards 1-2

SAS No. 135 1-12

SAS No. 137 1-13

SAS No. 138 1-15

SSAE 19 1-16

SSAE 20 1-17

Recently issued changes to the Code of Professional Conduct 1-18

Other projects to monitor 1-22

2018 mid-year progress report – Enhancing Audit Quality 1-23

Addressing common audit deficiencies 1-25

Appendix 1A Chapter 1, A-1

Documentation Case Study Chapter 1, A-1

Appendix 1B Chapter 1, B-1

Example Auditor’s Report and Case Study Chapter 1, B-1

Appendix 1C Chapter 1, C-1

Not-For-Profit Accounting and Audit Competency Resource Chapter 1, C-1

Chapter 2 2-1

FASB Activities 2-1

Revenue recognition and leases 2-3

ASU No. 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made 2-8

ASU No. 2016-02, Leases (Topic 842) 2-10

Other recent FASB standards 2-16

ASU No. 2016-13 2-17

ASU No. 2016-15 2-19

ASU No. 2016-18 2-21

ASU No. 2017-04 2-23

ASU No. 2017-07 2-24

ASU No. 2017-08 2-25

ASU No. 2017-10 2-26

ASU No. 2018-13 2-27

ASU No. 2019-03 2-28

ASU No. 2019-06 2-29

ASU No. 2019-10 2-30

Staff Q&A on whether private companies and NFP entities can apply Staff Accounting Bulletin (SAB) No. 118 2-31

Relevant outstanding exposure drafts 2-32

ASU No. 2016-14 2-33

Appendix 2A Chapter 2, A-1

Revenue Recognition Case Study Chapter 2, A-1

Chapter 3 3-1

Federal Government Activities 3-1

Government Auditing Standards, 2018 Revision 3-2

OMB Compliance Supplement 3-4

Uniform Guidance refresher 3-11

Uniform Guidance — SEFA 3-17

Uniform Guidance — Determination of major programs 3-20

Uniform Guidance – Reporting considerations 3-26

Protected personally identifiable information 3-32

Uniform Guidance — Procurement standards 3-33

Cost principles in a single audit 3-35

Government-wide audit quality study 3-40

Proposed changes to the Uniform Guidance 3-41

Common deficiencies found in single audits 3-44

Appendix 3A Chapter 3, A-1

Major Program Determination Case Study Chapter 3, A-1

Glossary Glossary 1

Index Index 1

Solutions Solutions 1

Chapter 1 Solutions 1

Chapter 2 Solutions 7

Chapter 3 Solutions 12

The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any access cards, study guides, lab manuals, CDs, etc.

The Used, Rental and eBook copies of this book are not guaranteed to include any supplemental materials. Typically, only the book itself is included. This is true even if the title states it includes any access cards, study guides, lab manuals, CDs, etc.