NFP Reporting and Presentation

Overview

This CPE course provides an overview and changes with respect to ASU 2016-14 Presentation of Financial Statements and ASU 2016-18 Restricted Cash and Cash Equivalents in Statement of Cash Flows for Not-for-Profit Entities. This course provides common pitfalls and tips on functional expense reporting and, how to manage liquid resources, common peer review findings related to ASU 2016-14, and tips and suggestions on a successful audit. This course also reviews items to consider, given COVID-19, when preparing for an audit and reviewing financial statements. The instructor will explain the key facts and impacts of ASU 2018-08 Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made, ASU 2019-03: Updating the Definition of Collections, ASU 2019-06: Extending the Private Company Accounting Alternatives on Goodwill and Certain Identifiable Intangibles to NFP Entities, and ASU 2020-07 Presentation and Disclosures by NFP Entities for Contributed Nonfinancial Assets. Lastly, this course will cover Cybersecurity Issues.

Highlights

• Presentation of NFP financial statements focusing on ASU 2016-14 and ASU 2016-18 with example disclosures
• Common pitfalls on functional expense reporting
• Tips to consider on functional expense reporting
• Ways to manage liquid resources
• Peer review findings relating to implementation of ASU 2016-14
• Items to consider when preparing for an audit and reviewing financial statements related to COVID-19 (underwater endowments, liquidity, going concern, subsequent events etc.)
• Key facts and impacts on current ASUs
• Cybersecurity issues

Prerequisites

None

Designed For

CPAs who want to know changes in respect to NFP reporting and presentation.

Objectives

• Identify the major components of reporting in not-for profit organizations
• Determine how to prepare, in accordance with GAAP, the note disclosures for a not-for-profit entity's (NFP)'s financial statements relating to ASU 2016-14 and ASU 2016-18
• Evaluate going concern and subsequent events resulting from COVID-19
• Recognize appropriate accounting for recording and recognizing contributions
• Recognize key facts and impacts of current accounting standard updates

Preparation

None