Current Accounting Issues for Not-for-Profit Organizations

Overview: 

This continually updated seminar is designed for accountants who want to remain on the cutting edge of the most recent accounting, tax and federal developments affecting not-for-profits. You’ll be equipped to:

  • Follow the accounting standards and guides for not-for-profits
  • Understand recent guidance revising NPO financial statements and treatment of Net Assets
  • Review the latest tax rules and regulations pertaining to not-for-profits, including Form 990

 

Objective: 

To provide an understanding of the accounting standards affecting nonprofits. Focusing primarily on implementing and using current authoritative literature, this seminar shows how to apply FAS 164 on NPO mergers. You’ll also gain insight into tax changes and other current issues impacting nonprofits.

Emphasis: 
  • Review of recent accounting standards and guides for not-for-profits (ASC 958)
    – Distinguishing between contributions and exchange transactions
    – Transfers between NPOs
    – Joint Costs
    – Split interest agreements
    – Consolidations and goodwill involving not-for-profits, including clarifying when NPOs that are general or limited partners should consolidate a for-profit
    – UPMIFA and changes to Net Assets
    – Investments—new rules for valuation and disclosure
    – Required financial statement and footnote disclosures, including formats and alternatives
  • Impact of revenue recognition and other recent FASB guidance on NPOs
  • FASB Simplification Initiative
  • Ethics, fraud and abuse issues
  • Audit issues, Sarbanes-Oxley and federal oversight
  • Tax matters
    – Filing for and retaining tax-exempt status
    – State and local sales tax and property tax issues
    – Avoiding private foundation status
    – Unrelated Business Income Tax (UBIT)
    – Excess benefit transactions
    – New and proposed IRS regulations and Form 990 issues
  • FASB NPO Project update
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Prerequisite: 

Basic knowledge of accounting for nonprofit organizations.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Intermediate.

CPE Credit: 
8.00
NASBA Field of Study: 
Accounting