GAAP for NFPs: Not-for-Profit Accounting & Financial Reporting
Learn about the major accounting and financial reporting requirements and transactions that are unique to not-for-profit entities that require special consideration under GAAP.
Format
Online
NASBA Field of Study
Accounting
Level
Basic
CPE Credits
1
Author(s)
Karen Craig
Availability
1 year
Product Number
165121
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.
In this CPE course, you will learn about the major accounting and financial reporting requirements and transactions that are unique to not-for-profit entities (NFPs) and require special consideration under GAAP. In addition, you will work through several scenarios to understand when and how to apply the guidance in the FASB Accounting Standards Codification (ASC) to NFPs.
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).
- Introduction to accounting topics that apply to Not-for-Profit Entities
- Accounting and financial reporting issues
- Tax compliance considerations
- Best practices in governance and assurance
- Identify the proper accounting treatment for typical transactions of not-for-profit entities, including the significant changes related to revenue recognition.
- Recognize the financial statement presentation and disclosure requirements that apply to not-for-profit entities, including those added or amended under ASU 2016-14.
- Identify basic state and federal filing requirements of an exempt organization, recognize the core components of the annual information return Form 990, and identify when an NFP may be subject to unrelated business income tax.
- Recognize best practices in NFP board governance, risk assessment and internal controls.
- Identify steps involved in planning a successful audit engagement and identify key auditing considerations and client communications.
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