
Preparing Consolidated Financial Statements: Not-for-Profit Financial Reporting
Offers examples and case studies that will help you understand when and how to prepare consolidated financial statements.
Format
Online
NASBA Field of Study
Accounting
Level
Intermediate
CPE Credits
1.5
Author(s)
Andrew Prather
Availability
1 year
Product Number
165427
This video-based CPE course is included in the Not-for-Profit Certificate II Program. It can be purchased individually or as a part of the Not-for-Profit Certificate II - Financial Reporting track.
Many not-for-profits (NFPs) engage in strategic partnerships or ventures with other organizations. Working together, organizations share their strengths and achieve economies of scale. Because these relationships can take many different forms, half the battle is identifying which relationships will require entities to present consolidated financial statements. The other half is applying the unique reporting standards to these transactions to successfully prepare a set of consolidated financial statements.
This CPE course offers you detail-rich examples and case studies that will help you understand when and how to prepare consolidated financial statements. Included in the course resources are two flow charts that will assist in determining if consolidation is required, as well as various financial statement 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).
- Related-party transactions
- Controlling interests in other entities
- Economic interests in other entities
- Investments in for-profit entities
- Accounting entries to perform consolidation
- Consolidating financial statements
- Note disclosures
- Understand how a not-for-profit (NFP) entity evaluates another NFP or for-profit entity (FPE) for consolidation.
- Understand the key requirements for preparing consolidated financial statements in accordance with GAAP.
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