Overview
ASU No. 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, will usher in the most significant changes to not-for-profit financial reporting in over 20 years when it becomes effective for December 31, 2018, year-ends. To properly implement the new financial reporting model professionals will need to have a strong, working knowledge of the new requirements. Now is the time to obtain that knowledge! This course will explain the new requirements, illustrate how the requirements will manifest themselves in the financial statements, and explain key options that not-for-profits have in implementing the requirements. The course will also update on you on today’s core not-for-profit accounting requirements while also examining other key issues on the horizon related to revenue recognition and leases. The course materials utilize a highly illustrative and innovative format, including over 25 focused exercises to provide an enhanced working knowledge of not-for-profit accounting and reporting.
Major Topics:
- Changes in the reporting of net assets and how they will play out in the statement of financial position and the statement of activities
- How the reporting of functional and natural expense information is changing
- The new requirements related to providing liquidity information
- Changes to the statement of cash flows
- Core not-for-profit accounting requirements related to contributions, promises to give, contributed services, net assets, special events, the classification of expenses, and more
- Developing issues related to revenue recognition and leases
Learning Objectives
- Obtain a working knowledge of the new not-for-profit financial reporting requirements contained in ASU No. 2016-14
- Skillfully prepare a not-for-profit’s financial statements through superior knowledge of accounting and reporting requirements
- Effectively apply today’s core not-for-profit accounting requirements while also preparing for tomorrow’s changes coming in the areas of revenue recognition and leases
Designed for:
Not-for-profit industry professionals and auditors
Prerequisite:
Some introductory background in not-for-profit accounting and reporting
Advanced Preparation:
None