Governmental and Not-for-Profit Annual Update - Society of Louisiana Certified Public Accountants

Overview

The latest GASB developments and federal audit changes affecting governments and not-for-profits (NFPs) are explored in this update overview.

Highlights

GASB update

Not-for-profit accounting update

GASB Statement No. 103, *Financial Reporting Model Improvements*

GASB Statement No. 104, *Disclosure of Certain Capital Assets*

FASB Accounting Standards Update (ASU) ASU No. 2022-03, *Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions*

ASU No. 2023-08, *Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets*

ASU No. 2025-05, *Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets*

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-for-profits

Objectives

Identify the effect of GASB Statements on accounting and financial reporting for state and local governments, as well as the projects that are on the active standard-setting agenda and their objectives.
Apply the provisions of recently implemented GASB Statements.
Apply the provisions of recent FASB Accounting Standards Updates.
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 the projects and objectives on the Auditing Standard Board's 2026-2027 audit standard-setting workplan agenda that may affect auditors.
Distinguish the provisions of the Government Auditing Standards 2024 Revision.
Identify changes to the Uniform Guidance.