Current Accounting Issues for Not-for-Profit Organizations Webinar

To provide an understanding of the accounting standards affecting nonprofits. Focusing primarily on implementing and using current authoritative literature, this webinar discusses the latest issues regarding NPO mergers and NPO goodwill treatments. You’ll also gain insight into tax changes and other current issues impacting nonprofits.

• Understand the role that not-for-profit organizations play in today's financial world
• Review of recent accounting standards and guides for not-for-profits (ASC 958)
  – Distinguishing between contributions and exchange transactions
  – Transfers between NPOs
  – Joint Costs
  – Consolidations and goodwill involving not-for-profits, including clarifying when NPOs that are general or limited partners should consolidate a for-profit
  – UPMIFA and changes to Net Assets
  – Investments—new rules for valuation and disclosure
  – Required financial statement disclosures
• Impact of revenue recognition, leases, and other recent FASB guidance on NPOs
• FASB Simplification Initiative
• Ethics, fraud and abuse issues
• Tax matters
  – Filing for and retaining tax-exempt status
  – Avoiding private foundation status
  – Executive compensation under §409(a)
  – Unrelated Business Income Tax (UBIT)
  – Intermediate sanctions
  – Excess benefit transactions

To provide an understanding of the accounting standards affecting nonprofits. Focusing primarily on implementing and using current authoritative literature, this self-study webinar discusses the latest issues regarding NPO mergers and NPO goodwill treatments. You’ll also gain insight into tax changes and other current issues impacting nonprofits.

DETAILED LEARNING OBJECTIVES

• Identify mandatory NFP financial statements and titles

• Identify the purpose of NFP financial statements from an investor/donor’s perspective 

• Recognize the NFP accounting alternatives regarding goodwill impairment under ASU 2019-06

• Recognize the trigger for providing footnote disclosure regarding going concern uncertainties 

• Identify the criteria that must be met before a NFP can recognize contribution revenue

• Identify the circumstances under which restricted funds will be reclassified as unrestricted

• Identify how to account for pledges that will be realized in more than 12 months 

• Identify factors indicating risk of receipt and recording of pledges 

• Recognize factors indicating an exchange transaction versus a contribution

• Identify the accounting treatment options regarding the receipt of dues

• Identify the accounting treatment for contributed services 

• Recognize how to account for donated securities

• Recognize how to account for donated inventory

• Identify when to recognize contribution revenue from a revocable split interest agreement 

• Recognize the terminology used to identify the power to modify restrictions on a charitable fund 

• Recognize the appropriate accounting for service concession arrangements under ASU 2014-05

• Recognize the accounting options for collections of art or similar collections

• Recognize the changes made to accounting for collections under ASU 2019-03

• Recognize the appropriate accounting for joint cost under SOP 98-2

• Identify the typical accounting for an NFP’s special events

• Recognize the appropriate presentation of investment returns on the statement of activities

• Identify the options available for reporting cash flows from operations under ASU 2016-14

• Identify the implications of ASU 2016-14 on NFP disclosures

• Identify mandatory NFP disclosures regarding investments

• Recognize those characteristics indicating an acquisition over a merger

• Recognize the accounting treatment of acquired assets and liabilities when one NFP acquires another

• Identify the presentation of the net cash flow reflecting an acquisition in the statement of cash flows 

• Recognize the circumstances under which an audit firm’s independence from an NFP client would generally be considered to be impaired 

• Understand the role that not-for-profit organizations play in today's financial world
• Review of recent accounting standards and guides for not-for-profits (ASC 958)
  – Distinguishing between contributions and exchange transactions
  – Transfers between NPOs
  – Joint Costs
  – Consolidations and goodwill involving not-for-profits, including clarifying when NPOs that are general or limited partners should consolidate a for-profit
  – UPMIFA and changes to Net Assets
  – Investments—new rules for valuation and disclosure
  – Required financial statement disclosures
• Impact of revenue recognition, leases, and other recent FASB guidance on NPOs
• FASB Simplification Initiative
• Ethics, fraud and abuse issues
• Tax matters
  – Filing for and retaining tax-exempt status
  – Avoiding private foundation status
  – Executive compensation under §409(a)
  – Unrelated Business Income Tax (UBIT)
  – Intermediate sanctions
  – Excess benefit transactions