Financial Statement Presentation: Not-for-Profit Accounting & Financial Reporting

Overview

This CPE course is included in the comprehensive Not-for-Profit Certificate I Program. It can also be purchased individually or as a part of the Not-for-Profit Accounting and Financial Reporting track.

Not-for-profit organizations (NFPs) prepare financial statements to report critical information about programs and operations to a diverse group of stakeholders. Users of an NFP's financial statements include donors, grantors, creditors, program beneficiaries, and others who have a need to assess the financial health of the NFP. In this CPE course, you will work through several examples to understand the basic reporting requirements, note disclosures and presentation formats that are available to NFPs.

Note: As of August 1, 2018, the content of this course has been significantly updated to reflect implementation of FASB Accounting Standards Updates (ASUs) effective for most not-for-profit entities for their next financial reporting period, including those related to financial statement presentation (ASU 2016-14) and revenue recognition (ASU 2014-09 and ASU 2018-08). If you started Not-for-Profit Certificate I prior to July 31, but did not complete it, click here to find out how this and related course updates affect you. If you completed the program prior to July 31 and would like to retake only those courses with significant updates for new standards, click here to learn about the Certificate I Update Pack.

Highlights

Key Topics

• Statement of financial position
• Statement of activities
• Statement of cash flows
• Statement of functional expenses
• Net asset classification
• Required note disclosures

Prerequisites

Knowledge of the not-for-profit industry.

Objectives

Learning Outcomes

• Identify the basic financial statements prepared by NFPs.
• Recall various reporting formats used by NFPs.
• Identify the unique NFP note disclosure requirements.
• Differentiate between the two classes of net assets and the effect on financial reporting.