CPE Self-Study

Preparing Consolidated Financial Statements: Not-for-Profit Financial Reporting

  • $59.00-$69.00
    Preparing Consolidated Financial Statements: Not-for-Profit Financial Reporting Availability : Online Access Product #: 165427
    AICPA Member: $59.00
    Non-Member: $69.00
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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.

Many not-for-profits (NFPs) engage in strategic partnerships or ventures with other organizations. Working together, organizations share their strengths and achieve economies of scale. Because these relationships can take many different forms, half the battle is identifying which relationships will require entities to present consolidated financial statements. The other half is applying the unique reporting standards to these transactions to successfully prepare a set of consolidated financial statements.

This CPE course offers you detail-rich examples and case studies that will help you understand when and how to prepare consolidated financial statements. Included in the course resources are two flow charts that will assist is determining if consolidation is required, as well as various financial statement examples.

Topics Discussed

  • Related party transactions
  • Controlling interests in other entities
  • Economic interests in other entities
  • Investments in for-profit entities
  • Accounting entries to perform consolidation
  • Consolidating financial statements
  • Note disclosures

Learning Objectives

  • Identify the characteristics of consolidated financial statements
  • Apply the principle of control to determine whether an NFP controls another entity and, therefore, should prepare consolidated statements
  • Determine the effect of a particular transaction on the consolidated statements
  • Identify how to prepare consolidated financial statements in accordance with GAAP

Prerequisite: Knowledge of the audit process in the not-for-profit sector

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

Richard Lynch, CPA Partner Sikich LLP

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.