Overview
ASU No. 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, is the most significant not-for-profit reporting standard in over 20 years and is now fully effective. To properly implement the new financial reporting model professionals must have a strong, working knowledge of the new requirements. Now is the time to obtain that knowledge! This course explains the new requirements, illustrates how the requirements manifest themselves in the financial statements, and clarifies key options that not-for-profits have in implementing the requirements. The course also examines other key changes affecting not-for-profits including the new revenue recognition and contribution requirements (which apply to 12/31/19 year-ends) and leases (which apply to 12/31/20 year-ends). The course materials utilize a highly illustrative and innovative format, including over 30 focused exercises to provide an enhanced working knowledge of not-for-profit accounting and reporting.
Major Topics:
- The key requirements, options, and disclosures related to each of the basic financial statements
- How the reporting of functional and natural expense information has changed
- The new requirements related to providing liquidity and availability of financial assets information
- The implementation of ASU No. 2018-08 and its effect on the accounting for grants and contracts as well as contributions in general
- How the new lease requirements (ASU No. 2016-02, Leases) impact not-for-profits
- Core not-for-profit accounting requirements related to contributions, promises to give, contributed services, net assets, special events, the classification of expenses, and more
Learning Objectives
- Obtain a working knowledge of the new not-for-profit requirements contained in ASU No. 2016-14 and ASU No. 2018-08
- 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 changes coming in the area of leases
Designed for:
Not-for-profit industry professionals and auditors
Prerequisite:
Some introductory background in not-for-profit accounting and reporting
Advanced Preparation:
None