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CPE Self-Study
Financial Statement Note Disclosures: Not-for-Profit Financial Reporting
NASBA FIELD OF STUDY
Accounting
LEVEL
Intermediate
CPE CREDITS
Online: 2.0
Offers examples and case studies that will help you prepare note disclosures unique to NFPs and to get the most out of your reporting process.

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

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Find out more information on the NFP Section.

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Product details

Topics Discussed

  • GAAP requirements unique to NFPs
  • Split-interest agreements
  • Fair value
  • Contributions receivable and donor-imposed restrictions
  • Gifts-in-kind, investments, and endowments
  • Net asset composition
  • Contingencies
  • Related parties
  • Best practices and presentation options

Learning Objectives:

  • Determine how to prepare, in accordance with GAAP, the most common note disclosures for a not-for-profit entity's (NFP)'s financial statements.
  • Determine the effect of a transaction or significant event that should be disclosed in the notes to the financial statements.
  • Differentiate between those transactions reported on the face of the financial statements and those in the notes to the financial statements (or both).

This video-based CPE course is included in the Not-for-Profit Certificate II Program. It can be purchased individually or as a part of the Not-for-Profit Certificate II - Financial Reporting track.

Is it possible to read a map without a legend? Perhaps you could, but it would take a lot of guesswork! Similarly, a set of financial statements without the accompanying footnotes is only minimally useful, if not downright confusing, to readers.

A not-for-profit (NFP)'s note disclosures provide a treasure trove of explanations, interpretations and mission-critical information to help users make informed decisions. Without the notes, it is not possible to fully understand the causes and effects of significant transactions. Also, beyond the minimum GAAP requirements, an NFP's managers enjoy some degree of latitude to present information in a way they consider meaningful and relevant for the organization's constituencies, including donors.

This CPE course offers you detail-rich examples and case studies that will help you prepare note disclosures unique to NFPs and to get the most out of your reporting process.

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 but did not complete Not-for-Profit Certificate II prior to July 31, 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 II Update Pack.

Ratings and reviews
Author(s)

Andrew Prather, CPA

Andrew Prather is an audit shareholder at Clark Nuber P.S. based in the Seattle metro area. He is a leader in the firm's Not-for-Profit Services Group and provides a wide range of not-for-profit organizations with audit and consulting services. Andrew serves as a member of the FASB's Not-for-Profit Advisory Committee and chairs the planning committee for the AICPA's Not-for-Profit Industry Conference. He previously was a member of the AICPA's Not-for-Profit Expert Panel and served on the AICPA's Not-for-Profit Entities Audit & Accounting Guide Revision Task Force and participated in the 2013 overhaul of the AICPA's Not-for-Profit Entities Audit & Accounting Guide. Andrew has served as the chair of the Washington Society of CPA's (WSCPA) Not-for-Profit Committee and co-chair of the WSCPA Not-for-Profit Conference. He is a frequent speaker at conferences, seminars, and webcasts for the AICPA, state CPA societies, and industry groups. Andrew also serves as his firm's Quality Control Director overseeing the firm's audit quality assurance program and serving as a technical resource to the firm's professional staff.

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:
$99.00
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Estimated total:
$99.00
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CREDIT INFO
CPE credits
Online
: 2.0
NASBA Field of Study
Accounting
Level
Intermediate
Prerequisites
Experience working in or with the not-for profit industry
ADVANCE PREPARATION
None
Yellow Book Hours
Online - 2.0
Delivery Method
QAS Self-Study
Course acronym
NFP2-AFR5
GROUP PRICING
Contact a representative for group pricing.
Telephone: 800.634.6780 (Option 1)
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