CPE Self-Study

Liabilities: Not-for-Profit Accounting & Financial Reporting

  • $59.00-$69.00
    Liabilities: Not-for-Profit Accounting & Financial Reporting Availability : Online Access Product #: 165132
    AICPA Member: $59.00
    Non-Member: $69.00
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    Contact a representative for group pricing. 800.634.6780 (Option 1) | Contact Us Product #: GT-NFP-AFR12

This CPE course is included in the 40-hour Not-for-Profit Certificate Program. It can also be purchased individually or as a part of the Not-for-Profit Accounting and Financial Reporting track.

Accurate reporting of liabilities is essential to presenting a clear picture of a not-for-profit entity’s (NFP’s) financial health. Creditors, constituents and other users of an NFP’s financial statements rely on the information regarding an organization’s liabilities to assess its short-term and long-term sustainability. In addition, an NFP’s role in providing societal benefits and its tax-exempt status raises unique issues for NFPs that issue debt instruments, such as bonds, to raise funds for operations or to construct program facilities.

In this CPE course, you will learn about the accounting and reporting standards related to the most significant liabilities for many NFPs, including debt instruments such as notes and bonds, pension and other postretirement plan obligations, and other liabilities common to NFPs. In addition, this course discusses financial statement presentation and required note disclosures related to debt. You will work through several scenarios and examples.

Topics Discussed

  • Fair Value Measurement
  • Debt instruments
  • Taxable and tax-exempt bonds
  • Debt extinguishment and modification transactions
  • Debt issuance costs
  • Pension and other defined benefit postretirement plan obligations
  • Other liabilities
  • Financial statement presentation and disclosure

Learning Objectives

When you complete this course, you will be able to:

  • Identify liabilities common to NFPs
  • Recall the accounting for an NFP’s debt
  • Recognize the disclosures required for an NFP’s liabilities

Who Will Benefit?

  • CPAs, financial professionals and NFP board members involved in financial reporting for NFPs or reviewing NFP financial statements.

Prerequisite: None

Advanced Preparation: None

Not-for-Profit Section Members Receive Additional Savings!

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

Karen Craig

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.