Accounting standards affecting not-for-profit (NPF) organizations have become increasingly complex, and, as a result, a great deal of confusing exists as to how to properly account for certain transactions unique to these organizations. This course will clarify proper accounting and reporting for these troubling areas. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Learning Objectives
After attending this presentation you will be able to: Identify and properly respond to many of the challenges facing preparers of not-for-profit entities financial statements Recall core concepts fundamental to properly account for transactions unique to NFPs Recognize clarifications for unique reporting requirements affecting NFP organizations Recall significant unique challenges facing accountants who prepare of not-for-profit (NFP) entities financial statements by being familiar with the results of examples that reinforce key learning points made throughout the course
Major Topics
The major topics that will be covered in this class include: Determining whether a transaction is a revenue versus a gain or an expense versus a loss and why that is important for proper financial reporting Clarifications related to agency transactions, including when variance power is present New definitions and requirements related to contributed services and gifts in kind Comparing the proper reporting for comparative versus summarized financial reporting Clarifications regarding the options available for reporting special events A greater understanding of the unique features of the statement of cash flows for NFPs Clarifications related to joint costs and their allocation
