Governmental and Not-for-Profit Annual Update - Fairmont

Overview

Change is inevitable and at times overwhelming for those who are unprepared. Participants can ensure they stay current in governmental and not-for-profit accounting and auditing with this update course. Designed to prepare participants for the latest
accounting and auditing developments affecting governments and not-for-profit entities, this course provides the knowledge to implement the new standards.

Highlights

Topics Discussed

GASB updates
Not-for-profit accounting updates
Compensated absences
FASB accounting standards updates
Statement on Quality Management Standards (SQMS) No. 1, 2, and 3
Auditing Standards Board update
Governmental auditing update

Prerequisites

Basic knowledge and experience in governmental and not-for-profit accounting and auditing

Designed For

Accountants and finance professionals working with governments and not-forprofits

Objectives

When you complete this course, you will be able to:

Identify the effect of GASB statements on accounting and financial reporting for state and local governments.
Identify the projects that are on the active standard-setting agenda and their objectives.
Identify when a liability should be recorded for compensated absences.
Identify how FASB's Accounting Standards Updates affect not-for-profit financial statements.
Identify the requirements of recently issued or effective Statements on Auditing Standards (SASs).
Identify the requirements of Statement on Quality Management Standards (SQMS) No. 1, *A Firm’s System of Quality Management*, SQMS No. 2, *Engagement Quality Reviews*, and SQMS No. 3, *Amendments to QM Sections 10*, A Firm’s System of Quality Management, *and 20*, Engagement Quality Reviews.
Identify recent changes to the AICPA Code of Professional Conduct that affect auditors of governments and NFPs.
Distinguish the provisions of the Government Auditing Standards 2024 Revision.
Identify Yellow Book requirements related to independence, management’s responsibilities, and reporting.

Preparation

None

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Bruce Shepard, AICPA

Leader Bios

Bruce Shepard, AICPA

Bruce Shepard was most recently an assistant professor of accounting at George Fox University and an adjunct professor of accounting at the University of Oregon, prior to becoming an instructor for the AICPA in 2012. From 2006-2010, Mr. Shepard was the Chief Financial Officer of Las Vegas Gaming, Inc. in Las Vegas, Nevada, where he had full management responsibility for all financial affairs, daily business operations, administration and human resources. From 1985-2006, Mr. Shepard was in charge of the Middle Market Practice for PricewaterhouseCoopers, LLP in Portland, Oregon, where he served as an Assurance Partner from 1989-2006 focusing on providing proactive business advisory services to fast-growing companies. Bruce has many years of trusted business advisor experience around Portland, Oregon where he practiced for 33 years. In addition, Bruce has taught all of the accounting and auditing classes, fraud and forensics, pension auditing, SAARS, COSO, and governmental accounting and auditing classes for the AICPA for the last five years including being the lead instructor on GASB 68. Presently, Bruce is the author of the AICPA course, Audits of Banks and Other Financial Institutions. At PricewaterhouseCoopers, LLP, Mr. Shepard spearheaded over 100 acquisitions and divestitures by leading in the financial structuring of the transactions. He worked with clients to develop strategic plans for short-term and long-term growth. He assisted both start-up companies and beyond start-up companies with attaining their needed growth capital. Mr. Shepard wrote an article, Financing Entrepreneurs, in 1999 for the Oregon Society of Certified Public Accountants. Mr. Shepard was awarded “Beta Alpha Psi Professional of the Year” in 2006 for sustained involvement with the University of Oregon.

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