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2018 Update Pack for Not-for-Profit Certificate I
CPE Self-study

2018 Update Pack for Not-for-Profit Certificate I

Get an overview of the statement of financial position, statement of activities, and financial statement note disclosures prepared by not-for-profit entities.

$119.20 - $189
Do you have an AICPA membership? Log in to apply your member discount.



NASBA Field of Study




CPE Credits



Karen Craig


1 year

Product Number


 Business & partner 
MyCPE Manager compatible
Product Details

This series of CPE courses is a part of the comprehensive Not-for-Profit Certificate I Program. This track can be purchased individually and is intended for current NFP Certificate I holders who wish to update their knowledge of updated standards for the not-for-profit financial statement presentation and revenue recognition and receive an updated certificate.

The four courses included in this track serve to update the comprehensive foundation in NFP financial accounting and reporting standards that you obtained through completion of Certificate I, by reflecting the significant changes becoming effective for most not-for-profit entities in their next reporting period. This set provides an overview of net asset classification and financial statement presentation, reflecting implementation of FASB ASU 2016-14, as well as an overview of accounting for contributions and exchange transactions, reflecting implementation of the new revenue recognition rules under FASB ASU 2014-09 and ASU 2018-08.

This track contains real-world examples and interactive learning exercises to create a dynamic learning experience that will help you solidify your understanding of key concepts.

Courses Included

  • Financial Statement Presentation
  • Net Assets
  • Revenue from Contributions
  • Exchange and Agency Transactions

Note: If you purchased NFP Certificate I after August 2016 but did not complete Certificate I prior to July 31, 2018, your available courses will be automatically updated. You will be required to complete the updated courses to earn your certificate.

As of August 1, 2018, Not-for-Profit Certificate Program content was updated to reflect implementation of FASB Accounting Standards Updates (ASUs) effective for most not-for-profit entities for their next financial reporting period, including those related to financial statement presentation (ASU 2016-14) and revenue recognition (ASU 2014-09 and ASU 2018-08). While all Certificate courses have been updated, those included in this track have been determined to have the most significant changes.

The Certificate I Update Pack was created for those who completed the program prior to July 31 and would like to retake only those courses with significant updates for new standards. Upon successful completion of these 4 courses, you will receive a new digital badge reflecting your up-to-date knowledge in the context of the new not-for-profit financial statement presentation and revenue recognition standards.

Who Will Benefit
  • CPA and non-CPA staff at small to mid-sized firms who perform not-for-profit financial reporting engagements, including partners and managers at these firms who wish to enter the NFP industry and need a basic understanding of the sector.
  • Board members and financial or non-financial staff members at not-for-profit organizations who are new to NFPs or who wish to expand on their understanding of the fundamental financial management issues that are unique to NFPs. A basic understanding of accounting is recommended.
  • CPAs and non-CPAs at firms or NFPs who wish to make sure their knowledge of NFP-specific financial accounting concepts is up-to-date with the latest changes to GAAP, including those related to financial statement presentation and revenue recognition.
Key Topics
  • Contributions vs. exchange transactions
  • NFP reporting standards related to revenue recognition
  • Net asset classification
  • Financial statement presentation and disclosure of net assets
Learning Outcomes
  • Identify examples useful in distinguishing contributions from exchange transactions.
  • Identify the proper accounting treatment for revenue received via contributions and exchange transactions.
  • Differentiate between conditional and unconditional promises to give and apply the proper revenue recognition procedures.
  • Recognize the financial statement presentation and disclosure requirements that apply to not-for-profit entities, including those added or amended under the NFP financial reporting standard.
  • Differentiate between the two classifications of net assets and identify the appropriate financial statement presentation and disclosures related to net assets.
Credit Info
CPE Credits
NASBA Field of Study
Knowledge of the not-for-profit industry
This is a digital product. With full paid access the content will be available to you for 1 year after purchase date.
Digital Badge
After completing the course, you will receive a digital badge that can be easily shared with your professional network
Yellow Book Hours
For more information, please refer to CPE requirements and NASBA sponsorship information
Do you have an AICPA membership? Log in to apply your member discount.
AICPA Members
NFP Section Members

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Contact us
Karen Craig
Karen Craig, CPA, is a consultant providing technical accounting, reporting, finance, and analytical expertise to not-for-profits with a focus on higher education. She holds a degree in journalism and an MBA from California Polytechnic State University and is a licensed CPA in California. From 2002 to 2009, Karen was an Associate Controller at Stanford University where she was responsible for the overall operations of the university's investment accounting, financial reporting, capital accounting, payroll and disbursements departments. Prior to her work at Stanford, she was Controller for a software startup company and a Senior Audit Manager with PricewaterhouseCoopers. Karen hold memberships in the AICPA, in which she is an ex-officio member of the AICPA Not-for-Profit Industry Expert Panel, and the National Association of College and University Business Officers (NACUBO) in which she is a technical advisor to its Accounting Principles Council.

The Association is dedicated to removing barriers to the accountancy profession and ensuring that all accountancy professionals and other members of the public with an interest in the profession or joining the profession, including those with disabilities, have access to the profession and the Association's website, educational materials, products, and services. The Association is committed to making professional learning accessible to all. This commitment is maintained in accordance with applicable law. For additional information, please refer to the Association's Website Accessibility Policy. For accommodation requests, please contact and indicate the product that you are interested in (title, etc.) and the requested accommodation(s): Audio/Visual/Other. A member of our team will be in contact with you promptly to make sure we meet your needs appropriately.

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2018 Update Pack for Not-for-Profit Certificate I
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