CPE Self-Study

Challenges of Implementing the New Not-for-Profit Financial Statement Standard

  • $49.00-$59.00
    Challenges of Implementing the New Not-for-Profit Financial Statement Standard Availability : Online Access Product #: 165570
    AICPA Member: $49.00
    Non-Member: $59.00
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    Contact a representative for group pricing. 800.634.6780 (Option 1) | Contact Us Product #: GT-CINFPS

Do you have a detailed plan to implement the new not-for-profit financial reporting standards? Are you and your not-for-profit clients ready? During this CPE course, industry experts will walk through the conversion of a not-for-profit's financial statements and notes to ensure an efficient and effective implementation of FASB ASU No. 2016-14. You will learn how to overcome the most difficult challenges stemming from this new standard through sample policies, examples of various board-designation actions, tips on liquidity management, and some expense-allocation methodologies that will help not-for-profits satisfy the new requirements. This course includes a detailed implementation tool you can use either in your own entity or to assist your clients.

Learning Objectives

This course will prepare you to do the following:

  • Identify the most significant and complex challenges in adopting FASB's new financial statement standard.
  • Determine policies, procedures, and systems that should be in place as a result of the standard.
  • Identify implementation techniques that could assist in converting a not-for-profit's financial statements and footnotes to the new standard.

Key Topics

  • FASB ASU No. 2016-14

Who Will Benefit?

  • Any not-for-profit preparing financial statements or practitioners preparing not-for-profit financial statements


Not-for-Profit Section Members Save an Additional 20%!

When you log into this website with your AICPA member user account, the section/credential discount will be automatically applied during checkout. Should you have any questions or encounter any issues, please contact the AICPA Service Center at 888-777-7077 or service@aicpa.org.

Find out more information on the NFP Section.


System Requirements

About the Authors

Cathy Clarke, CPA

Cathy is a national audit and assurance quality partner at CliftonLarsonAllen LLP with over 20 years of experience, 15 of which are in public accounting. Her primary responsibilities include being a technical resource for the audit and assurance practice and quality review of assurance and accounting engagements. She has experience in preparing and conducting training sessions for audit and accounting staff within CliftonLarsonAllen LLP, AICPA and the Minnesota Society of CPA's. Throughout her career, Cathy has served a variety of clients in numerous industries, including an emphasis in nonprofit organizations and health care entities. She is also a technical expert in the firm on non profit issues including HUD and Single Audit. Cathy is the chair of the AICPA's Not for Profit Expert Panel, a national group of not for profit professionals that help interpret not for profit accounting issues. The group recently completed a rewrite of the AICPA's Not-for-profit Audit & Accounting Guide. As a member of this group, she also works closing with the FASB representatives on the FASB Nonprofit Advisory Council. Cathy is a graduate of the University of Minnesota's Carlson School of Management and holds a Bachelor of Science Business degree in Accounting. She is a Certified Public Accountant licensed in Minnesota. Cathy is a member of the American Institute of Certified Public Accountants (AICPA) and of the Minnesota Society of Certified Public Accountants. She is active in the community and currently serves as a volunteer for Girl Scouts of Minnesota and Wisconsin River Valleys. She has also been a mentor with the University of Minnesota's Carlson School of Management's mentorship program for the past five years. Prior to joining LarsonAllen in 2002, Cathy spent five years with Deloitte & Touche' LLP. She also spent five years working for Minneapolis based public companies providing guidance on SEC and GAAP reporting and implementation of the accounting standards.

Tim McCutcheon, CPA

Tim McCutcheon is a partner in Eide Bailly LLP's national not-for-profit practice and chairs the firm's Nonprofit Technical Issues Committee. As a CPA for 35 years, he has served not-for-profit organizations as CFO, independent auditor, tax advisor, business consultant, volunteer and board member. His experiences from both inside and outside of a wide variety of not-for-profit organizations give him a practical and balanced view of industry issues and the concerns of the industry's varied stakeholders, constituents and other interested parties.

McCutcheon is past Chair of the Colorado Society of CPAs and current member of their Vision Committee. He was a member of the AICPA Not-for-Profit Entities Expert Panel from 2008 through 2012 and a member of the AICPA Alternative Investments Task Force. He instructs a variety of not-for-profit courses and board trainings and enjoys providing advanced training to not-for-profit executives.

About the Publisher

American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.

The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialized credentials for qualified professionals who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.

The AICPA and CIMA also make up the Association of International Certified Professional Accountants (the Association), which represents public and management accounting globally, advocating on behalf the public interest and advancing the quality, competency and employability of CPAs, CGMAs and other accounting and finance professionals worldwide.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.