Current Accounting Issues for Not-for-Profit Organizations Self-Study Webinar (10 Hours)

Overview: 

This self-study webinar 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 self-study webinar discusses the latest issues regarding NPO mergers and NPO goodwill treatments. 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, leases, 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

Identify the criteria that must be met before a NFP can recognize contribution revenue

Recognize the separate categories of contributed revenues

Identify the circumstances under which restricted funds will be reclassified as unrestricted

Identify how to account for pledges that will be realized in more than 12 months

Identify factors indicating risk of receipt and recording of pledges

Recognize factors indicating an exchange transaction vs. a contribution

Identify the accounting treatment options regarding the receipt of dues

Identify the typical accounting for an NFP’s special events

Identify the accounting treatment for contributed services

Recognize how to account for donated securities

Recognize how to account for donated inventory

Identify when to recognize contribution revenue from a revocable split-interest agreement

Recognize the accounting options for collections of art or similar collections

Recognize the changes made to accounting for collections under ASU 2019-03

Identify the basis for valuing investments of an NFP

Identify mandatory NFP disclosures regarding investments

Recognize the terminology used to identify the power to modify restrictions on a charitable fund

Recognize the appropriate accounting for joint cost under SOP 98-2

Recognize the appropriate accounting for service concession arrangements under ASU 2014-05

Recognize those characteristics indicating an acquisition over a merger

Recognize the accounting treatment of acquired assets and liabilities when one NFP acquires another

Identify the presentation of the net cash flow reflecting an acquisition in the statement of cash flows

Recognize the NFP accounting alternatives regarding goodwill impairment under ASU 2019-06

Identify mandatory NFP financial statements and titles

Identify the purpose of NFP financial statements from an investor/donor perspective

Identify the spending constraints found within the UPMIFA

Recognize the appropriate statement of cash flows treatment of cash flows from the sale of donated financial assets where the donor directed immediate sale

Recognize the appropriate presentation of investment returns on the statement of activities

Identify the options available for reporting cash flows from operations under ASU 2016-14

Identify the implications of ASU 2016-14 on NFP disclosures

Identify those circumstances under which an NFP’s audit firm independence would generally be considered to be impaired

Identify common characteristics of a founder of an NFP

Recognize those IRS statutes under which donors may deduct contributions to NFPs

Identify those IRS statutes and forms for which an NFP can obtain tax exempt status

Identify the annual IRS forms to be filed by a public charity with annual revenue less than $50,000

Identify the amount of unrelated business income exempted from the unrelated business income tax

Recognize the sources of income that would generally be subject to the unrelated business income tax
 

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Price: 
$249.00
Prerequisite: 

Basic knowledge of accounting for nonprofit organizations.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Intermediate.

CPE Credit: 
10.00
NASBA Field of Study: 
Accounting