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CPE Self-Study
2018 Update Pack for Not-for-Profit Certificate I
NASBA FIELD OF STUDY
Accounting
LEVEL
Intermediate
CPE CREDITS
Online: 6.0
Provides an overview of net asset classification and financial statement presentation, reflecting implementation of FASB ASU 2016-14, as well as an overview of accounting for contributions and exchange transactions, reflecting implementation of the new revenue recognition rules under FASB ASU 2014-09 and ASU 2018-08.

CPE On-Demand
AICPA’s online CPE courses will operate in a variety of configurations, but only the configuration described below is supported by our technicians.

A stable and continuous internet connection is required
In order to record your completion of the online learning courses, please ensure you are connected to the internet at all times while taking the course. It is your responsibility to validate that CPE certificate(s) are available within your My Account after successfully completing the course and/or exam. Please contact us at 1.888.777.7077 or service@aicpa.org with any questions or concerns related to your CPE certificate(s).

Supported Operating Systems:

  • Macintosh OS X 10.10 to present
  • Windows 7 to present

Supported Browsers:

  • Apple Safari
  • Google Chrome
  • Microsoft Internet Explorer
  • Mozilla Firefox

Required Browser Plug-ins:

Note: Your course will be accessible immediately after completing your purchase. Access instructions will be shown on the Order Confirmation Screen and included in your Order Confirmation Email, or click My Account at the top of the page, select My Purchases and then My Online Learning tab.

Technical Support: Please contact service@aicpa.org or use the Contact Us Form.

Product details

This series of CPE courses is a part of the comprehensive Not-for-Profit Certificate I Program. This track can be purchased individually and is intended for current NFP Certificate I holders who wish to update their knowledge of updated standards for the not-for-profit financial statement presentation and revenue recognition and receive an updated certificate.

The four courses included in this track serve to update the comprehensive foundation in NFP financial accounting and reporting standards that you obtained through completion of Certificate I, by reflecting the significant changes becoming effective for most not-for-profit entities in their next reporting period. This set provides an overview of net asset classification and financial statement presentation, reflecting implementation of FASB ASU 2016-14, as well as an overview of accounting for contributions and exchange transactions, reflecting implementation of the new revenue recognition rules under FASB ASU 2014-09 and ASU 2018-08.

This track contains real-world examples and interactive learning exercises to create a dynamic learning experience that will help you solidify your understanding of key concepts.

Courses Included

Note: If you purchased NFP Certificate I after August 2016 but did not complete Certificate I prior to July 31, 2018, your available courses will be automatically updated. You will be required to complete the updated courses to earn your certificate.

As of August 1, 2018, Not-for-Profit Certificate Program content was updated to reflect implementation of FASB Accounting Standards Updates (ASUs) effective for most not-for-profit entities for their next financial reporting period, including those related to financial statement presentation (ASU 2016-14) and revenue recognition (ASU 2014-09 and ASU 2018-08). While all Certificate courses have been updated, those included in this track have been determined to have the most significant changes.

The Certificate I Update Pack was created for those who completed the program prior to July 31 and would like to retake only those courses with significant updates for new standards. Upon successful completion of these 4 courses, you will receive a new digital badge reflecting your up-to-date knowledge in the context of the new not-for-profit financial statement presentation and revenue recognition standards.

Learning Objectives

  • Identify examples useful in distinguishing contributions from exchange transactions.
  • Identify the proper accounting treatment for revenue received via contributions and exchange transactions.
  • Differentiate between conditional and unconditional promises to give and apply the proper revenue recognition procedures.
  • Recognize the financial statement presentation and disclosure requirements that apply to not-for-profit entities, including those added or amended under the NFP financial reporting standard.
  • Differentiate between the two classifications of net assets and identify the appropriate financial statement presentation and disclosures related to net assets.

Topics Discussed

  • Contributions vs. exchange transactions
  • NFP reporting standards related to revenue recognition
  • Net asset classification
  • Financial statement presentation and disclosure of net assets

Who Will Benefit

  • CPA and non-CPA staff at small to mid-sized firms who perform not-for-profit financial reporting engagements, including partners and managers at these firms who wish to enter the NFP industry and need a basic understanding of the sector.
  • Board members and financial or non-financial staff members at not-for-profit organizations who are new to NFPs or who wish to expand on their understanding of the fundamental financial management issues that are unique to NFPs. A basic understanding of accounting is recommended.
  • CPAs and non-CPAs at firms or NFPs who wish to make sure their knowledge of NFP-specific financial accounting concepts is up-to-date with the latest changes to GAAP, including those related to financial statement presentation and revenue recognition.

Discounts

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.

Author

Karen Craig

Karen Craig, CPA, is a consultant providing technical accounting, reporting, finance, and analytical expertise to not-for-profits with a focus on higher education. She holds a degree in journalism and an MBA from California Polytechnic State University and is a licensed CPA in California. From 2002 to 2009, Karen was an Associate Controller at Stanford University where she was responsible for the overall operations of the university's investment accounting, financial reporting, capital accounting, payroll and disbursements departments. Prior to her work at Stanford, she was Controller for a software startup company and a Senior Audit Manager with PricewaterhouseCoopers. Karen hold memberships in the AICPA, in which she is an ex-officio member of the AICPA Not-for-Profit Industry Expert Panel, and the National Association of College and University Business Officers (NACUBO) in which she is a technical advisor to its Accounting Principles Council.

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.

Price:
$189.00
Member Quantity:
Nonmember Quantity:
Quantity:
Estimated total:
$189.00
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CREDIT INFO
CPE credits
Online
: 6.0
NASBA Field of Study
Accounting
Level
Intermediate
Prerequisites
Knowledge of the not-for-profit industry
ADVANCE PREPARATION
None
Yellow Book Hours
Online - 6.0
Delivery Method
QAS Self-Study
Course acronym
NFP1UPDATE_18
Group Pricing
Product number: GT-NFP1UPDATE_18
Contact a representative for group pricing. 800.634.6780 (Option 1) | Contact Us
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