Nonprofit Accounting and Financial Reporting Explained

Overview

This course provides a high-level overview of the most important issues facing nonprofit entities and their auditors. The focus of this course is on explaining the theory behind major issues and trends, enabling professionals to understand the most important aspects of relevant professional and regulatory standards related to reliable financial reporting for nonprofit entities.

Highlights

Discussion of financial reporting risks increased by the current economic environment, including increased uncertainty related to critical financial statement amounts and significant disclosures
Executive summary of recent Accounting Standards Updates
Overview of fair value disclosure requirements and implementation issues
Discussion of issues related to donor-restricted endowment funds
Classification of net assets and reclassifications
Endowments, including accounting, disclosures and UPMIFA
Noncascontributions
Contributions received and receivable
Expense recognition issues
Reporting expenses by function and nature
Other relevant matters unique to the nonprofit environment

Prerequisites

None

Designed For

Anyone responsible for preparing or attesting upon nonprofit financial statements

Objectives

Identify the reasons for unique accounting and financial reporting considerations for nonprofit entities
List the key provisions of ASC 958 related to financial statement considerations for nonprofit entities
Describe special considerations for nonprofits, such as revenue recognition for nonexchange transactions, gifts in kind, and more.