Overview
In order to prepare accurate and effective not-for-profit financial statements, professionals must have a strong working knowledge of the reporting requirements. Now is the time to obtain that knowledge! This course explains the requirements, illustrates how the requirements manifest in the financial statements, and clarifies options available to not-for-profits in applying the requirements. The course covers key accounting areas that affect not-for-profits, including revenue recognition, contributions, and leases. 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:
- Key requirements, options, and disclosures related to each of the basic financial statements
- The reporting of functional and natural expense information
- Requirements related to providing liquidity and availability of financial assets information
- Core not-for-profit requirements related to conditional and unconditional contributions, promises to give, contributed services, net assets, special events, the classification of expenses, and more
- The impact of FASB ASC 842, Leases, on not-for-profits
Learning Objectives
- Obtain a working knowledge of the not-for-profit financial reporting requirements
- Skillfully prepare a not-for-profit’s financial statements with superior knowledge of accounting and reporting requirements
- Effectively apply today’s core not-for-profit accounting requirements