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CPE Self-Study
Financial Statement Presentation: Not-for-Profit Accounting & Financial Reporting
NASBA FIELD OF STUDY
Accounting
LEVEL
Basic
CPE CREDITS
Online: 1.5
Learn the basic reporting requirements, note disclosures and presentation formats that are available to NFPs.

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

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Find out more information on the NFP Section.

CPE On-Demand
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Product details

Who Will Benefit?

  • CPAs who are new to NFPs, entry-level staff in public accounting firms, seasoned professionals with limited exposure to NFPs, and NFP board members

Topics Discussed

  • Statement of financial position
  • Statement of activities
  • Statement of cash flows
  • Statement of functional expenses
  • Net asset classification
  • Required note disclosures

Learning Objectives

  • Identify the basic financial statements prepared by NFPs.
  • Recall various reporting formats used by NFPs.
  • Identify the unique NFP note disclosure requirements.
  • Differentiate between the two classes of net assets and the effect on financial reporting.

This CPE course is included in the comprehensive Not-for-Profit Certificate I Program. It can also be purchased individually or as a part of the Not-for-Profit Accounting and Financial Reporting track.

Not-for-profit organizations (NFPs) prepare financial statements to report critical information about programs and operations to a diverse group of stakeholders. Users of an NFP's financial statements include donors, grantors, creditors, program beneficiaries, and others who have a need to assess the financial health of the NFP. In this CPE course, you will work through several examples to understand the basic reporting requirements, note disclosures and presentation formats that are available to NFPs.

Note: As of August 1, 2018, the content of this course has been significantly 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). If you started Not-for-Profit Certificate I prior to July 31, but did not complete it, click here to find out how this and related course updates affect you. If you completed the program prior to July 31 and would like to retake only those courses with significant updates for new standards, click here to learn about the Certificate I Update Pack.

Ratings and reviews
Author(s)

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.

NFP Certificates
Price:
$69.00
Member Quantity:
Nonmember Quantity:
Quantity:
Estimated total:
$69.00
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CREDIT INFO
CPE credits
Online
: 1.5
CAE credits
Online: 1.0
NASBA Field of Study
Accounting
Level
Basic
Prerequisites
Knowledge of the not-for-profit industry.
ADVANCE PREPARATION
None
Yellow Book Hours
Online - 1.0
Delivery Method
QAS Self-Study
Course acronym
NFP-AFR2
GROUP PRICING
Contact a representative for group pricing.
Telephone: 800.634.6780 (Option 1)
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