Expenses: Not-for-Profit Accounting & Financial Reporting
Learn the basics of accounting for expenses, including recognition, measurement, and financial statement display issues that are unique to NFPs.
Format
Online
NASBA Field of Study
Accounting
Level
Basic
CPE Credits
2.5
Author(s)
Karen Craig
Availability
1 year
Product Number
165129
This CPE course is included in the comprehensive Not-for-Profit Certificate I Program. It can also be purchased individually or as a part of the Not-for-Profit Accounting and Financial Reporting track.
Not-for-profits (NFPs) exist to fulfill a public benefit or mission. Donors, creditors, and those charged with management and governance of the NFP will often rely on expenses reported in the NFP’s financial statements to assess the efficiency of resources expended to achieve the organization’s mission. In this CPE course, you will learn the basics of accounting for expenses, including recognition, measurement, and financial statement display issues that are unique to NFPs. Topics covered include functional expense allocation methods and accounting for joint activities. You will have an opportunity to work through several real-world examples.
Note: As of August 1, 2018, course content has been 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).
- Reporting of expenses by nature and function
- Distinguishing between program services and supporting services
- Expense allocation methods
- Accounting for joint activities
- Financial statement presentation and disclosure
- Differentiate between expenses and losses.
- Identify the requirements of an NFP’s reporting of expenses by nature and function.
- Recall the fundraising activities of an NFP and the kinds of expenses related to them.
- Recognize the proper accounting treatment for expenses from joint activities.
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