2025 Annual Update for Governments and Not-for-Profits
Online
7.00 Credits
Member Price $209.00
Non-Member Price $249.00
Overview
This comprehensive course provides the essential updates for professionals working with governments and not-for-profit organizations. We'll begin with an in-depth review of recent GASB standards, including compensated absences, certain asset disclosures, risk and uncertainty disclosures, and financial reporting model improvements. For each standard, we'll cover its background, potential impact, and practical strategies for implementation to ensure you're fully prepared. Next, we'll shift focus to the FASB and its implications for nonprofit organizations. While there haven't been recent nonprofit-specific standards, several Accounting Standard Updates (ASUs) significantly impact NFPs. We'll explore these ASUs, evaluate changes to programmatic investments, and discuss their interplay with the CECL standard. Additionally, we'll highlight the movement in IFR4NPO, a global initiative to develop universal financial reporting standards for nonprofits, offering insights into its potential worldwide impact.
In the second half, we'll turn to governmental auditing. Key topics include the 2024 Yellow Book updates, the transition from quality control to quality management, and the implementation timelines. For Single Audits, we'll cover the 2024 Uniform Guidance changes, the 2025 Compliance Supplement, GAO reports on improper payments and fraud, the Financial Data Transparency Act (FDTA), and recent Department of Education guidance on related parties.
Objectives
- Recognize the impact of GASB 101 on accounting for compensated absences
- Recall changes to the financial reporting model
- Identify changes to disclosure requirements for certain assets and risks
- Identify elements of the proposed IFR4NPO standards
- Recall the impact of recent standard setting on programmatic investments
- Recognize the impact of recent ASUs on nonprofit financial reporting
- Recall the components of quality management in the 2024 Yellow Book
- Identify changes to single audits as a result of the 2025 Compliance Supplement
- Recognize the impact of the 2024 Uniform Guidance on Single Audits
- Identify the key findings in GAO&'s Improper Payments: Information on Agencies' Fiscal Year 2023
- Recognize the requirements of the FDTA
Highlights
- Not for Profit
- Governmental Auditing & Accounting
- Yellowbook
Designed For
Accounting Professionals
Prerequisites
Prior experience with nonprofit and governmental accounting and auditing
Preparation
None
Notice
Your webinar can be accessed via https://ctcpas.acpen.com/Account/login. If you do not have an ACPEN account, please sign up for an account using the email address you have on file with CTCPA.
Leader(s):
Leader Bios
Melisa Galasso, Founder and CEO, Galasso Learning Solutions LLC
Melisa Galasso is the founder and CEO of Galasso Learning Solutions LLC. A CPA with nearly 20 years of experience in the accounting profession, Melisa designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. She also supports essential professional development, audit level training, and train the trainer efforts. Melisa is a Certified Professional in Talent Development (CPTD) and has earned the Association for Talent Development Master Trainer™ designation. Her passion for instructional design and adult learning techniques is one of the differentiators that set her apart from other CPE providers. Within the industry, Melisa serves on the FASB’s Not-for-Profit Advisory Committee (NAC), AICPA Council, and the VSCPA’s Board of Directors. She previously served on the AICPA’s Technical Issues Committee (TIC) and is a past-Chair of the NCACPA’s A&A committee. Melisa also authors the AICPA’s State and Local Government Guide and serves as a SME for the Center for Plain English Accounting.
Non-Member Price $249.00
Member Price $209.00