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Overview

8.0 Credits
ONLINE

Discuss the new requirements, how they manifest themselves in the financial statements and key options that not-for-profits have in applying the requirements. Also, examine other fundamental changes affecting not-for-profits relating to revenue recognition, contributions (ASU No. 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made) and leases. Materials utilize a highly illustrative and innovative format, including over 30 focused exercises providing an enhanced working knowledge of not-for-profit accounting and reporting.

Objectives

  • Obtain a working knowledge of the new not-for-profit requirements contained in ASU No. 2016-14 and ASU No. 2018-08
  • 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 changes coming in the area of leases

Major Topics

  • The key requirements, options, and disclosures related to each of the basic financial statements
  • How the reporting of functional and natural expense information has changed
  • The new requirements related to providing liquidity and availability of financial assets information
  • The implementation of ASU No. 2018-08 and its effect on the accounting for grants and contracts as well as contributions in general
  • How the new lease requirements (ASU No. 2016-02, Leases) impact not-for-profits
  • Core not-for-profit accounting requirements related to contributions, promises to give, contributed services, net assets, special events, the classification of expenses, and more

Prerequisite

Some introductory background in not-for-profit accounting and reporting

Advanced Preparation

None

Sessions

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Wednesday, September 23, 2020

General Sessions