Non-Profit Entity Financial Statements
Author: Pat Patterson
||2 hours for CPAs
Expert CPA, Pat Patterson will walk you through the new professional standard ASU 2016-14 from the FASB known as, “Presentation of Financial Statements for Not-for-Profit Entities”, which represent the most significant changes in authoritative professional standards concerning NFPs in 20 years. This topic represents changes to the form and content of the financial reports and financial statements of NFPs. The changes are explained, discussed, and illustrated for examples.
Publication Date: July 2017
Professionals in public practice, industry, government, and education who deal with or are a part of Non-for-Profit Entities and need to know to handle the major changes from the FASB.
- Overview of Key Economic Indicators that impact NFPs
- Update on Factors impacting NFPs like reporting and regulations
- Update on GAAP for NFPs that includes the "Net Asset" reporting changes from three types of Net Assets to Two.
- Update on other issues for NFPs
- Matters on reporting, disclosure, and measurements
- Identify the recently issued new FASB ASU 2016-14, "Presentation of Financial Statements for Not-for-Profit Entities
- Recognize the standard and how its application will impact practically every professional accountant who deals with not-for-profit entities
- Differentiate and implement the effective dates and requirements of ASUs
- Identify reporting requirements and form and content of financial statements will be explored
- Disclosure requirements for NFPs and examine other related matters
- Identify ASUs released in 2016 prescribed amendments
- Recognize the top three charity watchdogs and who evaluates them
- Identify a matter that primarily affects religious organizations
- Describe which U.S. donor-restricted endowment funds are subject to enacted versions
- Recognize how many not-for-profits are registered with the IRS
- Identify which 2015 ASUs amend the latest changes
- Describe the types of institutions that have incurred the most not-for-profit breaches
- Recognize what percent of higher education institutions reported increased spending dollars from their endowments
- Identify a matter that primarily affects higher education with respect to developments in legislation and regulation
- Identify a gift with a stipulation that the resources be invested either for a long specified period of time or in perpetuity
- Recognize which funds should remain in purpose restriction from a donor
NASBA Field of Study
Accounting (2 hours)
Participants should have a general knowledge of generally accepted accounting principles.