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Concurrent Session Onsite and Online

NOT2202. GAAP Update

In this session, we'll update you on developments in GAAP that are noteworthy for NFPs. We'll discuss new Accounting Standards Updates (ASUs), key implementation issues on recent standards and other current financial reporting issues, and select projects in the FASB's pipeline.  We'll focus especially on: changes to the FASB's agenda following the related 2021 Invitation to Comment; Gifts-in-Kind (GIKs); Leases; Credit Losses; COVID-19-related reporting issues; Reference Rate Reform; and Goodwill and Intangibles.  Please be sure to bring your questions!


Learning Objectives:

  • Identify the requirements of key new ASUs affecting NFPs
  • Determine and discuss, at a general level, some key areas of judgment in implementing recent standards on GIKs, Leases, and Credit Losses
  • Determine and discuss, at a general level, some key areas of judgment in applying GAAP to various COVID-19-related issues (especially Federal assistance programs)
  • Analyze, at a general level, recent changes to the FASB's agenda and the current status of noteworthy current FASB projects
Date/Time
CPE Credits
2.0
NASBA Field of Study
Accounting
Level
Intermediate
Prerequisites
3-5 Years in the Profession
Advanced Preparation
None
Session Tags
A and A
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