Not-for-Profit Entities Industry Developments - Audit Risk Alert

What you need to know!

Taking you straight to what you need to know in the coming year, this alert covers current business environment issues, accounting and auditing challenges, and changes on the horizon for not-for-profit entities (NFPs). Learn about the following emerging practice issues:

• Operating and auditing in the COVID-19 environment
• Accounting for PPP loans and other COVID-19-related funding
• Implementation of new accounting standards
• Changes to the auditor's report
• And more

Gain knowledge, in an easily digestible format, about legislative and regulatory issues like the unrelated business income tax and changes to IRS Form 990-T as well as a discussion of the 2020 OMB Compliance Supplement.

Prepare yourself — through targeted discussions of current economic, accounting, and auditing issues affecting not-for-profits — for informed conversations about risk.

Updates

Learn about economic, legislative, regulatory, and standard-setter changes affecting not-for-profit entities in 2021.

Browse samples of the updates covered.

• FASB ASU No. 2014-09, Revenue From Contracts With Customers (Topic 606)
• FASB ASU No. 2016-02, Leases (Topic 842)
• FASB ASU No. 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made
• FASB ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting
• FASB ASU No. 2020-07, Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets
• Changes to the auditor's report (SAS Nos. 134–140)
• CARES Act and other COVID-19 legislation

Key Features and Benefits

Among other topics, this alert focuses on risks related to recent nonprofit industry trends, NFP accounting and financial reporting changes, changes in exempt organization tax compliance.

Also included is information on emerging issues such as:

• COVID-19-impacts on NFPs
• FASB ASC 606 disclosure requirements
• FASB's lease accounting update
• Changes to the auditor's report
• Data security and privacy considerations
• Tax policy changes for exempt organizations

Awareness of key trends affecting the nonprofit environment informs audit planning, risk management, strategic planning, and oversight, thereby promoting greater success and sustainability of not-for-profit entities.