This CPE course provides an overview and changes with respect to ASU 2016-14 Presentation of Financial Statements and ASU 2016-18 Restricted Cash and Cash Equivalents in Statement of Cash Flows for Not-for-Profit Entities. This course provides common pitfalls and tips on functional expense reporting and, how to manage liquid resources, common peer review findings related to ASU 2016-14, and tips and suggestions on a successful audit. This course also reviews items to consider, given COVID-19, when preparing for an audit and reviewing financial statements. The instructor will explain the key facts and impacts of ASU 2018-08 Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made, ASU 2019-03: Updating the Definition of Collections, ASU 2019-06: Extending the Private Company Accounting Alternatives on Goodwill and Certain Identifiable Intangibles to NFP Entities, and ASU 2020-07 Presentation and Disclosures by NFP Entities for Contributed Nonfinancial Assets. Lastly, this course will cover Cybersecurity Issues.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 the major components of reporting in not-for profit organizations Determine how to prepare, in accordance with GAAP, the note disclosures for a not-for-profit entity's (NFP)'s financial statements relating to ASU 2016-14 and ASU 2016-18 Evaluate going concern and subsequent events resulting from COVID-19 Recognize appropriate accounting for recording and recognizing contributions Recognize key facts and impacts of current accounting standard updates Program Content: The major topics covered in this course include: Presentation of NFP financial statements focusing on ASU 2016-14 and ASU 2016-18 with example disclosures Common pitfalls on functional expense reporting Tips to consider on functional expense reporting Ways to manage liquid resources Peer review findings relating to implementation of ASU 2016-14 Items to consider when preparing for an audit and reviewing financial statements related to COVID-19 (underwater endowments, liquidity, going concern, subsequent events etc.) Key facts and impacts on current ASUs Cybersecurity issues Who should attend: CPAs who want to know changes in respect to NFP reporting and presentation. Developed By: Pennsylvania Institute of CPAs Instructor: Adelina Burke, CPA CPE Credit: 2.00 Field of Study: Auditing (2.00) Prerequisites: None Advanced Preparation: None Format: QAS Self Study