Not-for-Profits and Common Mistakes on Financials

Author: Pat Patterson

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

Publication Date: October 2024

Designed For
Professionals in public practice, industry, government, education, and board members of NFP entities who deal with nonpublic entities and wish to stay current on professional standards.

Topics Covered

• Review of Selected FASB ASUs for NFPs
• What are "Levels of Authority" for Accounting and Auditing Engagements of Not-for-Profits?
• What is an "Attest Engagement" and does it apply to NFP Engagements?
• Requirements for non-attest work when engaged to perform an attest function for NFPs
• Selected Issues of Peer Review Insights and MFCs for NFPs

Learning Objectives

• Identify illustrations of some selected financial statement errors commonly found in small and medium sized not-for-profits entities (NFPs)
• Identify the organization that issues Generally Accepted Accounting Standards for NFPs that are authoritative
• Identify the ASU that impacted goodwill and included an accounting alternative for evaluating triggering events
• Identify the AT-C Section that relates to concepts common to all attestation engagements
• Identify the threat that would be so significant that no safeguards could reduce the threat to an acceptable level and independence would be impaired

Level
Update

Instructional Method
Self-Study

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

Program Prerequisites
Basic knowledge of NFPs

Advance Preparation
None