Net Assets: 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-profits (NFPs) are unique in that they often receive substantial amounts of contributions, many of which contain donor-imposed restrictions as to how they are used. The existence or absence of donors' restrictions forms the basis for the classification of an NFP's net assets. In this CPE course, you will learn the basics of net asset classification. Topics covered include donor-imposed restrictions and identifying when they may be implied, financial statement presentation of net assets and required footnote disclosures. The course culminates in a virtual case study in which you will have an opportunity to apply the technical concepts you have learned to real-world scenarios.

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

• NFP reporting standards related to net assets
• Accounting for donor-imposed restrictions
• Reclassifications of net assets
• Financial statement presentation and disclosure of net assets

Objectives

Learning Outcomes

• Differentiate between the two classifications of net assets: net assets with and without donor restrictions.
• Understand when further disaggregation may be warranted.
• Identify the appropriate financial statement presentation and required footnote disclosures related to net assets.