All not-for-profits have a mission which defines their purpose and drives their operations. A not-for-profit’s financial statements tells the financial statement user how successful the entity has been in meeting its mission in the past and also provides an indication of the not-for-profit’s ability to achieve its mission in the future. This seminar will help you to master the key accounting and reporting rules that not-for-profits use to tell their story of mission achievement today.
DESIGNED FOR
Not-for-profit industry professionals and auditors.
BENEFITS
- Distinguishing contributions from exchange transactions
- Distinguishing between conditional and unconditional promises to give – discerning conditions from restrictions
- Other issues related to contributions (e.g., valuation, reclassifications, disclosures)
- Contributed services, collection items and other unique items
- The accounting and reporting options related to special events
- Key issues related to the functional classification of expenses
- The reporting of fundraising activities
- The financial statements that not-for-profits prepare today (i.e., what’s required, what’s optional, and what are the best practices for communicating mission achievement)
- How a not-for-profits financial statements will be different in the future due to the FASB’s Financial Statements of Not-for-Profit Entities project
- Selected audit issues
HIGHLIGHTS
- Identify what distinguishes not-for-profit accounting and reporting from commercial sector accounting and reporting
- Skillfully apply today’s unique not-for-profit financial reporting requirements while also preparing for tomorrow’s requirements
- More effectively audit not-for-profit entities through superior knowledge of accounting and reporting requirements
COURSE LEVEL
Intermediate
PREREQUISITES
Some introductory background in not-for-profit accounting and reporting.
ADVANCE PREPARATION
None
ADDITIONAL NOTES
- Qualifies for Yellow Book.