Not-for-profit entities have recently applied critical new standards related to contributions of nonfinancial assets, leases, and more. Now is the time to know more than just what the standards say – we need to know what they mean and how they will affect not-for-profit entities. This course is designed to do just that! The course materials utilize a highly illustrative and innovative format. Over 15 focused exercises are included to provide an enhanced working knowledge of the challenges in not-for-profit accounting.
Learning Objectives
- Identify the critical changes occurring in not-for-profit accounting today
- Skillfully implement today’s most challenging FASB standards affecting not-for-profits
- More effectively audit not-for-profit entities through superior knowledge of key accounting issues
Major Topics
- Lessons learned (and lessons remaining) for the implementation of FASB ASC 842, Leases, and the new requirements related to contributions of nonfinancial assets in ASU No. 2020-07
- Solving contribution conundrums (e.g., conditional contributions, restricted contributions, contributed services, etc.)
- Additional issues in not-for-profit financial reporting
