Yellow Book Qualification and Latest Developments in Government and Nonprofit Accounting

Description

Important Note: The purpose of this course is to fulfill the new GAGAS (i.e., Yellow Book) Qualification CPE requirement. As part of the 24-hour Yellow Book CPE requirement the new Yellow Book also requires four hours of CPE on the Yellow Book itself. This course not only fulfills that requirement, it also prepares you to excel in implementing the new Yellow Book. Learn precisely what the new Yellow Book does and does not require auditors to do.

The course materials utilize a highly illustrative and innovative format. Over 15 focused exercises are included to provide an enhanced knowledge of the new Yellow Book. Important Note: This course description is based on a proposed new CPE requirement contained in the 2017 Yellow Book revision exposure draft. Once the new Yellow Book is issued in final form (probably late 2017) we may adjust this description based on the finalized guidance. Please contact us regarding any questions that you may have.

With two active standard setters (i.e., the GASB and FASB), there are always important developments occurring in government and nonprofit accounting. Time is valuable and it’s hard to stay current in today’s rapidly changing environment. Let us save you time and effort in staying current through this informative update course.

The purpose of this course is to enable you to excel in the constantly changing government and nonprofit environment. The course materials utilize a highly illustrative and innovative format. Over a dozen focused exercises are included to provide an enhanced working knowledge of the latest developments in government and nonprofit accounting.

Highlights

• Critical concepts related to applying the new Yellow Book including when the standards are applicable; the types of engagements involved; the relationship between the Yellow Book and other standards; and the importance of stating compliance with the Yellow Book in reporting
• The new Yellow Book standards related to ethics; independence; professional judgment; competence and CPE; quality control; and peer review
• The new Yellow Book requirements related to performing and reporting on financial audits and how those requirements affect the audit in areas like internal control
• The new Yellow Book requirements related to attestation engagements (i.e., examinations, reviews, and agreed-upon procedures engagements) and performance audits

• Prepare for the implementation of the new FASB ASU on nonprofit financial reporting (i.e., ASU No. 2016-14) while also developing a deeper understanding of the effects that the FASB ASUs on leases (i.e., ASU No. 2016-02) and revenue recognition (i.e., ASU No. 2014-09) will have on nonprofits in the years to come
• Recent GASB activities directed towards state and local governments with an emphasis on the implementation of GASB No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions

Objectives

• Thoroughly understand the requirements of the new Yellow Book and how they relate to the AICPA and single audit requirements
• Prepare to implement the new Yellow Book in an effective and efficient manner
• Save time by understanding what the new Yellow Book does and does not require auditors to do

• Keep up to date with the latest developments related to governments and nonprofits at the FASB and GASB 
• Ensure that your accounting skills stay up-to-date with current requirements
• Be prepared for major changes on the horizon

Designed For

Auditors performing Yellow Book engagements & Auditors and industry professionals working in the government and nonprofit environment