In recent years, not-for-profits have applied critical new standards related to contributions of nonfinancial assets, leases, and more. However, with all the focus on the new stuff, have we forgotten any of the old stuff? FASB ASC 958 has a great deal to say about various accounting and reporting issues in the form of its implementation guidance and illustrations. Not knowing this guidance can result in lost time and erroneous applications of GAAP. In this course, we will review some of the most critical illustrative not-for-profit guidance issued by the FASB.
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
- Key issues related to not-for-profit financial reporting (e.g., presenting a measure of operations, various disclosures, concentrations of risk, and etc.)
- Key challenges encountered in not-for-profit accounting (e.g., contributed services, restricted contributions, conditional contributions, membership dues, noncash contributions, and etc.)
- Additional issues in not-for-profit financial reporting
