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CPE Self-Study

Financial Statement Note Disclosures: Not-for-Profit Financial Reporting

  • $69.00-$89.00
    Financial Statement Note Disclosures: Not-for-Profit Financial Reporting Availability : Online Access Product #: 165425
    AICPA Member: $69.00
    Non-Member: $89.00
  • Contact Sales
    Contact a representative for group pricing. 800.634.6780 (Option 1) | Contact Us Product #: GT-NFP2-AFR5

Please Read: Not-for-Profit certificate product changes are currently underway in order to reflect new FASB ASU 2016-14 and the FASB standards. On July 31, 2018, the few courses impacted will be updated and replaced. If you do not expect to complete the entire certificate program by July 31, you may wish to defer completion of the few impacted courses until after August 1, 2018. Learn More.

This video-based CPE course is included in Not-for-Profit Certificate II. 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.

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 particular 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)

Prerequisite: Knowledge of not-for-profit sector and familiarity with basic financial statements

Advance 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

Clark Nuber PS

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.