1 CPE credit is available for this webinar.
The Auditing Standards Board of the American Institute of CPAs, has released a new auditing standard that will impact nonprofits, private companies, and governmental entities. Statement on Auditing Standards (SAS) 145: Audit Evidence is effective for audits of financial statements for periods ending on or after December 15, 2022. In other words, SAS 145 will generally be applicable beginning with audits of the year ending December 31, 2023. Now is the time to make sure that your organization is ready for the new audit evidence requirements.
Announced by the Financial Accounting Standards Board (FASB) in 2016, Accounting Standards Update (ASU) 2016-13: Financial Instruments – Credit Losses (Topic 326), which is also referred to as Current Expected Credit Losses (CECL), will be applicable beginning with fiscal years ending on December 31, 2023. CECL is not just for financial institutions – it also applies to nonprofit organizations. Accounts receivable from exchange transactions under ASC 606 will be affected by this new standard. Going forward, except in very limited situations, you MUST record an allowance for expected credit losses against these types of receivables.
Join us for a power-packed webinar as we explore and summarize the recently issued audit and accounting standards. This webinar will be interactive, including time for Q&A and a step-by-step guide on how to calculate the allowance for expected credit losses.
GRF CPAs & Advisors is a CAE Approved Provider. This program meets the requirements for fulfilling the professional development requirements to earn or maintain the Certified Association Executive credential and may be applied for 1 (one) credit toward your CAE application or renewal professional development requirements. Every program that we offer which qualifies for CAE credit will clearly identify the number of CAE credits granted for full participation, and we will maintain records of your participation in accord with CAE policies. For more information about the CAE credential or Approved Provider program, please visit www.asaecenter.org/cae.