Not-for-Profit: FASB Update - Oklahoma Society of CPAs

Overview

This course provides CPAs with a comprehensive overview of the latest updates from the Financial Accounting Standards Board (FASB) relevant to not-for-profit organizations. In this session, the FASB’s lead staff person for not-for-profits will guide you through recent and potential upcoming changes to GAAP affecting not-for-profits. We’ll focus on some recent ASUs (including ones on common control leases and on crypto assets), implementation matters on the new credit losses (CECL) standard, and some noteworthy current FASB projects (including ones on software costs and on environmental credit programs). This session was recorded on May 30, 4 at the 4 Not-for-Profit Conference.

Highlights

FASB; Nonprofit; Not-for-Profit

Prerequisites

Basic understanding of not-for-profit organizations.

Designed For

CPAs, CFOs, controllers, executive directors, attorneys and financial staff who work in a not-for-profit organization, CPAs who audit or prepare financial statements for not-for-profit organizations and nonprofit board members who want a better understanding of financial issues facing their organizations.

Objectives

Identify recent ASUs that affect not-for-profits and describe, at a general level, their key provisions.

Identify the assets on an not-for-profit's balance sheet that are within the scope of the CECL standard and describe how applying CECL to those assets differs from previous guidance.

Identify and describe, at a general level, the projects on the FASB's agenda that could affect not-for-profits.