ASU No. 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, is the most significant not-for-profit reporting standard in over 20 years and is now fully effective. To properly implement the new financial reporting model professionals must have a strong, working knowledge of the new requirements. This course explains the new requirements, illustrates how the requirements manifest themselves in the financial statements and clarifies key options that not-for-profits have in implementing the requirements. The course also examines other key changes affecting not-for-profits including the new revenue recognition and contribution requirements (which apply to 12/31/19 year-ends) and leases (which apply to 12/31/20 year-ends). The course materials utilize a highly illustrative and innovative format, including over 30 focused exercises to provide an enhanced working knowledge of not-for-profit accounting and reporting.
Not-for-profit industry professionals and auditors.
- Obtain a working knowledge of the new not-for-profit financial reporting requirements contained in ASU No. 2016-14
- Skillfully prepare a not-for-profit’s financial statements through superior knowledge of accounting and reporting requirements
- Effectively apply today’s core not-for-profit accounting requirements while also preparing for tomorrow’s changes coming in the areas of revenue recognition and leases
- Changes in the reporting of net assets and how they will play out in the statement of financial position and the statement of activities
- How the reporting of functional and natural expense information is changing
- The new requirements related to providing liquidity information
- Changes to the statement of cash flows
- Core not-for-profit accounting requirements related to contributions, promises to give, contributed services, net assets, special events, the classification of expenses and more
- How the new contribution and revenue recognition requirements affect not-for-profits (e.g., the accounting for grants and contracts)
- How the new lease requirements will affect not-for-profits
Some introductory background in not-for-profit accounting and reporting.
- Qualifies for Yellow Book.
Course materials are distributed electronically and we’ve passed the savings along to you - registrants save $20 on all 8-hour seminar pricing. To access the materials visit My Events. Download to your laptop or tablet prior to the seminar, handouts are added as received.