Not-for-profit financial reporting is at a crossroad. One road consists of the current requirements that not-for-profits have been traveling on for the past 20+ years. The other road represents the future requirements that the FASB is paving with its Financial Statements of Not-for-Profit Entities project. This course will guide you through today’s financial reporting requirements and also prepare you for tomorrow’s journey by looking at the status and direction of the FASB project. The course materials utilize a highly illustrative format to increase concept comprehension and retention.

Major Topics:

  • The current requirements and options that not-for-profits have in preparing their financial statements (i.e., the statement of financial position; statement of activities; statement of functional expenses; and statement of cash flows) 
  • The status and direction of the FASB Financial Statements of Not-for-Profit Entities project which will ultimately result in the most significant changes in not-for-profit reporting in over twenty years 
  • Key not-for-profit accounting requirements related to contributions, promises to give, contributed services, net assets, special events, the classification of expenses, and more

Learning Objectives:

  • Identify what distinguishes not-for-profit accounting and reporting from commercial sector accounting and reporting
  • Skillfully apply today’s unique not-for-profit financial reporting requirements while also preparing for tomorrow’s requirements
  • More effectively audit not-for-profit organizations through superior knowledge of accounting and reporting requirements

Designed For: Not-for-profit industry professionals and auditors
Level of Knowledge: Intermediate
Prerequisite: Some introductory background in not-for-profit accounting and reporting
Advanced Preparation: None
Credits: 8