Not-for-Profits and Common Mistakes on Financials (Completed)

This session provides lists of tools from the AICPA NFP Advisory Council and staff of some financial statement errors and issues. This session has been updated for new standards and common financial statement errors. The errors are grouped by financial statement type.

Topics Covered

• Selected errors in the Statement of Financial Position
• Selected errors in the Statement of Activities
• Other selected errors in the Statement of Cash Flows
• Other selected errors in the Statement of Functional Expenses
• Selected errors in the Notes to the Financial Statements
• Other errors as deemed appropriate and timely

Learning Objectives

• To provide illustrations of some selected financial statement errors commonly found in small and medium sized not-for-profits entities (NFPs)

Level
Update

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)

Program Prerequisites
Basic knowledge of NFPs

Advance Preparation
None