Accounting & Internal Controls for Nonprofits

Overview: 

Nonprofit organizations have special needs and requirements when it comes to accounting and internal controls. This seminar gives you the skills to handle not-for-profit accounting and reporting requirements and deals with the most recent changes affecting these organizations. You will:

  • Review internal controls
  • Understand new guidance on financial statement requirements
  • Get updated on current and proposed tax and other regulations affecting NPOs

 

Objective: 

To give financial professionals who serve nonprofit organizations an overview of, and an update on, the accounting and reporting rules that directly impact not-for-profits. You’ll understand how internal controls requirements apply to your organization and you’ll learn about the financial accounting and taxation issues most commonly encountered by non-profit organizations.

Emphasis: 
  • Types, goals and characteristics of not-for-profits
  • Budgeting and internal controls, including programmatic and financial oversight
  • Working with boards of directors
  • Ethics and fraud issues
  • Risk management
  • Review and update of NPO accounting (ASC 958)
  • Revised guidance for NPO financial statements and treatment of Net Assets
  • Impact of new revenue recognition rules on NPOs
  • New guidance on investment valuation and disclosures
  • Special NPO accounting and audit concerns
  • Guidance on consolidations and goodwill
  • FASB Simplification Initiative
  • Status of FASB’s NPO Project
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Prerequisite: 

Basic knowledge of financial accounting and reporting.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Intermediate.

CPE Credit: 
8.00
NASBA Field of Study: 
Accounting