There is very specific guidance on reporting for Not-for-Profits (NPOs). We will look at the required financial statements and the required footnotes disclosures unique to NPOs. We will look at the basic financial statements (statement of financial position, statement of activities and statement of cash flow) and the requirement to also report expenses functionally. We will discuss the flexibility of reporting an operating measure for NPOs and the challenges of reporting expenses.
Publication Date: October 2021
Designed For
This session is for personnel charged with drafting the financial statements and helpful for those NPO personnel that are reading the financial statements.
Topics Covered
- Required financial statements
- Required footnote disclosures unique to NPOs
- Basic financial statements (statement of financial position, statement of activities and statement of cash flow)
- The requirement to also report expenses functionally
- Flexibility of reporting an operating measure for NPOs
- Challenges of reporting expenses
Learning Objectives
- Recognize required financial statements and footnote disclosures unique to NPOs
- Identify the basic financial statements
- Identify the requirement to also report expenses functionally
- Recognize the three key differences between a for-profit and not-for-profit entity
- Identify which FASB ASB Topics provides specific guidance with respect to not-for-profit entities
- Identify the number of key areas updated in ASU 2016-14
- Recognize what information about liquidity NFPs are required to provide
- Recognize which type of transition methods is required based on the amendments from ASU 2020-07
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Diane Edelstein
Diane E. Edelstein is a Senior Partner at Maher Duessel in Pittsburgh, PA and has over thirty years of experience in public accounting. Her entire auditing career has been of non-profits, governments and Single Audit.
Diane speaks throughout the country on Non-profit accounting and auditing and Single Audit. She was member of the AICPA NPO Planning Conference Committee from 2012 – 2017 and continued to speak at the annual conference through 2019.
Diane currently serves on the AICPA Peer Review Board – GCA PMTF (Government and Compliance Audits Practice Monitoring Task Force) and is a past member of the PICPA Professional Ethics Committee and the PICPA Peer Review Committee.