This course covers fair value concepts unique to not-for-profit entities (NFPs). This course focuses on fair value measurement issues specific to NFPs guided by accounting standards that provide a framework for measuring fair value. Some of the accounts a not-for-profit entity (NFP) may measure at fair value include the following: - Noncash contributions received (gifts-in-kind) - Financial assets held as an agent - Split-interest agreements - Beneficial interest in a trust - Certain investments - Derivative instruments - Impairment losses for long-lived assets - Asset retirement obligations - Guarantee obligations - Exit and disposal costs - Nonmonetary transactions - Transfers of financial assets - Financial assets or liabilities Who Will Benefit - New accountants interested in the basics of accounting and financial reporting requirements that apply to not-for-profit entities. - Experienced accountants that are new to the not-for-profit industry or are in need of a refresher on the basics of accounting and financial reporting requirements that apply to not-for-profit entities. Key Topics - Noncash contributions received (gifts-in-kind) - Financial assets held as an agent - Split-interest agreements - Beneficial interest in a trust - Certain investments - Derivative instruments - Impairment losses for long-lived assets - Asset retirement obligations - Guarantee obligations - Exit and disposal costs - Nonmonetary transactions - Transfers of financial assets - Financial assets or liabilities Learning Outcomes - Recall the definition of fair value. - Identify the three most common techniques used to establish fair value. - Recognize fair value measurement of promises to give and gifts-in-kind. - Recall techniques used to measure fair value of trusts. - Recognize special considerations related to split-interest agreements.