Vexing Issues Facing Not-for-Profit Accountants

Prerequisites

None

Highlights

The major topics that will be covered in this class include:

• Determining whether a transaction is a revenue versus a gain or an expense versus a loss and why that is important for proper financial reporting
• Clarifications related to agency transactions, including when variance power is present
• New definitions and requirements related to contributed services and gifts in kind
• Comparing the proper reporting for comparative versus summarized financial reporting
• Clarifications regarding the options available for reporting special events
• A greater understanding of the unique features of the statement of cash flows for NFPs
• Clarifications related to joint costs and their allocation

Objectives

After attending this presentation you will be able to:

• Identify and properly respond to many of the challenges facing preparers of not-for-profit entities financial statements
• Recall core concepts fundamental to properly account for transactions unique to NFPs
• Recognize clarifications for unique reporting requirements affecting NFP organizations
• Recall significant unique challenges facing accountants who prepare of not-for-profit (NFP) entities financial statements by being familiar with the results of examples that reinforce key learning points made throughout the course

Preparation

None