Not-For-Profit GAAP Update Webinar

To provide a deep dive into the most recent accounting pronouncements and issues impacting not-for-profits. This course focuses on understanding the accounting standards affecting nonprofits, implementing and using current authoritative literature, and reviewing the latest GAAP issues regarding NPOs.

• Review of recent not-for-profit accounting standards
• How NPO financial statements and required disclosures changed
  – Use of “operating measures”
  – Liquidity disclosures
  – Reporting functional expenses
  – Statement of cash flows
• Net assets, endowment funds, and UPMIFA
• Distinguish among contributions, exchange transactions, and pass-throughs
• Restrictions and conditions
• Consolidations and goodwill for NPOs
  – New rules for goodwill amortization
  – When and how NPOs consolidate for-profits
• Valuation and disclosure of investments
• Recent FASB guidance affecting NPOs
  – Revenue recognition
  – Leases
  – Fair value
  – FASB Simplification Initiative
• Valuing gifts-in-kind and gifts of non-financial assets
• Allocating joint costs
• Collections update
• Split-interest Agreements

To provide a deep dive into the most recent accounting pronouncements and issues impacting not-for-profits. This course focuses on understanding the accounting standards affecting nonprofits, implementing and using current authoritative literature, and reviewing the latest GAAP issues regarding NPOs.

DETAILED LEARNING OBJECTIVES

• Identify mandatory NFP financial statements and titles

• Identify the ramifications of ASU 2016-01 on not-for-profits relative to for-profits

• Recognize the changes in accounting for goodwill impairments by not-for-profits under both ASU 2017-04 and ASU 2019-06

• Recognize the characteristics of governmental entities 

• Identify the delayed effective date of the lease accounting standard on private not-for-profits due to COVID-19 concerns

• Identify the accounting for contribution revenue by a not-for-profit

• Recognize the accounting for a conditional transfer of cash made to a not-for-profit

• Recognize factors indicative of risk in recording revenue for an unconditional promise to give

• Recognize the accounting for contributed services to a not-for-profit

• Identify the accounting for donated securities

• Identify the terminology associated with the power to modify restrictions on a charitable fund 

• Recognize necessary disclosures when a not-for-profit transfers assets to a recipient organization and specifies itself or an affiliate as a beneficiary

• Identify the accounting treatment of service concession arrangements under ASU 2014-05

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

• Recognize the applicability of ASU 2019-03 on both not-for-profits and for-profits

• Recognize the accounting treatment of joint costs of a not-for-profit

• Identify the ramifications of balance sheet classifications of net assets on a not-for-profit’s balance sheet

• Identify the primary categories of expenses under a not-for-profit’s functional reporting

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

• Identify the overall effect of ASU 2016-14 on a not-for-profit’s disclosures

• Review of recent not-for-profit accounting standards
• How NPO financial statements and required disclosures changed
  – Use of “operating measures”
  – Liquidity disclosures
  – Reporting functional expenses
  – Statement of cash flows
• Net assets, endowment funds, and UPMIFA
• Distinguish among contributions, exchange transactions, and pass-throughs
• Restrictions and conditions
• Consolidations and goodwill for NPOs
  – New rules for goodwill amortization
  – When and how NPOs consolidate for-profits
• Valuation and disclosure of investments
• Recent FASB guidance affecting NPOs
  – Revenue recognition
  – Leases
  – Fair value
  – FASB Simplification Initiative
• Valuing gifts-in-kind and gifts of non-financial assets
• Allocating joint costs
• Collections update
• Split-interest Agreements