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.
CPAs who want to know changes in respect to NFP reporting and presentation.
After attending this presentation, you will be able to...
- 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
The major topics covered in this course include:
- 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