Overview:
This continually updated webinar is designed for accountants and financial statement users who want to remain on the cutting edge of the most recent accounting pronouncements affecting not-for-profits. You’ll be equipped to:
- Follow current accounting standards for not-for-profits (ASC 958)
- Understand recent guidance revising NPO financial statements
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Apply accounting standards that impact nonprofits
Objective:
To provide a deep dive into the most recent accounting pronouncements and issues impacting not-for-profits. This course focuses on understanding the accounting standards affecting nonprofits, implementing and using current authoritative literature, and reviewing the latest GAAP issues regarding NPOs.
Emphasis:
- Review of recent not-for-profit accounting standards
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How NPO financial statements and required disclosures changed
– Use of “operating measures”
– Liquidity disclosures
– Reporting functional expenses
– Statement of cash flows - Net assets, endowment funds, and UPMIFA
- Distinguish among contributions, exchange transactions, and pass-throughs
- Restrictions and conditions
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Consolidations and goodwill for NPOs
– New rules for goodwill amortization
– When and how NPOs consolidate for-profits - Valuation and disclosure of investments
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Recent FASB guidance affecting NPOs
– Revenue recognition
– Leases
– Fair value
– FASB Simplification Initiative - Valuing gifts-in-kind and gifts of non-financial assets
- Allocating joint costs
- Collections update
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Split-interest Agreements