NFP Reporting and Presentation

Overview

This CPE course provides an overview and changes with respect to ASU 2016-14 Presentation of Financial Statements and ASU 2016-18 Restricted Cash and Cash Equivalents in Statement of Cash Flows for Not-for-Profit Entities. This course provides common pitfalls and tips on functional expense reporting and, how to manage liquid resources, common peer review findings related to ASU 2016-14, and tips and suggestions on a successful audit. This course also reviews items to consider, given COVID-19, when preparing for an audit and reviewing financial statements. The instructor will explain the key facts and impacts of ASU 2018-08 Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made, ASU 2019-03: Updating the Definition of Collections, ASU 2019-06: Extending the Private Company Accounting Alternatives on Goodwill and Certain Identifiable Intangibles to NFP Entities, and ASU 2020-07 Presentation and Disclosures by NFP Entities for Contributed Nonfinancial Assets. Lastly, this course will cover Cybersecurity Issues.

Highlights

• Presentation of NFP financial statements focusing on ASU 2016-14 and ASU 2016-18 with example disclosures
• Common pitfalls on functional expense reporting
• Tips to consider on functional expense reporting
• Ways to manage liquid resources
• Peer review findings relating to implementation of ASU 2016-14
• Items to consider when preparing for an audit and reviewing financial statements related to COVID-19 (underwater endowments, liquidity, going concern, subsequent events etc.)
• Key facts and impacts on current ASUs
• Cybersecurity issues

Prerequisites

None

Designed For

CPAs who want to know changes in respect to NFP reporting and presentation.

Objectives

• Identify the major components of reporting in not-for profit organizations
• Determine how to prepare, in accordance with GAAP, the note disclosures for a not-for-profit entity's (NFP)'s financial statements relating to ASU 2016-14 and ASU 2016-18
• Evaluate going concern and subsequent events resulting from COVID-19
• Recognize appropriate accounting for recording and recognizing contributions
• Recognize key facts and impacts of current accounting standard updates

Preparation

None

Notice

This is an OnDemand course offered by a third-party vendor. To access the course after purchase, go to My NESCPA and then My CPE and click on My OnDemand. Individual courses are available 90 days from the date of purchase.