There have been significant Accounting Standards Updates (ASUs) issued by the FASB that impact NFP Entities. The IRS continues to refine and revise the Form 990 and 990-EZ. Our panel of experts will provide you with what you need to know about the latest and most important GAAP and tax proposals and developments affecting non-profit organizations.
The 2018 course will provide a thorough FASB Update with recent Accounting Standards Updates issued that could impact Not-for-Profits including:
-Presentation of Financial Statements of Not-for-Profit Entities
-Also, you will receive an update on certain projects currently being worked on at the FASB including Revenue Recognition of Grants and Contracts by Not-for-Profits and other projects which could impact Not-for-Profit organizations.
In addition, our panel of experts will provide an Auditing Update addressing
- SAS 132—Going Concern,
-Other audit-related issues such as a review of Internal Controls and Fraud in the Not-for-Profit Environment.
Panels will pay particular attention to these issues in large and small organizations.
-Forming an opinion and reporting on financial statements of employee benefit plans subject to ERISA.
-The auditor’s responsibilities related to other information included in annual reports.
-Forming an opinion and reporting on financial statements.
-Communicating key audit matters in the independent auditor’s report
-Modifications to the opinion in the independent auditor’s report
-Addressing disclosures in the audit of financial statements
You will also receive a thorough Tax Update that will include:
-Understanding Key Issues Affecting Tax Exempt Organizations
Exempt Organization Provisions Including
-College and University Provisions.
-Employees of Exempt Organizations.
-Other Provisions to be Aware of:
Pass Through Investments
-Avoiding Common Errors in Completion of IRS form 990,
-Form 990, Overview, Layout and Navigation.
-What Board Members Should be Aware of When Reviewing the Form 990.
-Tricky Rules that can cause errors.
-An overview of Unrelated Business Income (UBIT),
-Schedule L, Identification of Reportable Transactions.
-Schedule A, Public Support Testing and Improving the Percentage.
A national expert will provide an Ethics Update (1 CPE Hour) geared to the Not-for-Profit organization. This will include:
-Noncompliance with laws and regulations (“NOCLAR”).
-State and local government entities.
-Long association of senior personnel with an attest client.
**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to [email protected].