About this Course
Topics covered include:
Overview of the new standard;
Key changes for not-for-profit financial statements;
Effective date of the new standard and transition guidance;
Practical guidance on how to apply the required changes.
Upon completing this course, you should be able to:
Identify and apply the new financial reporting requirements for Not-for-Profits (NFPs);
Differentiate which new requirements impact your NFP;
Recognize the effective date of the changes;
Differentiate ASUs and how they apply to NFP entities;
Identify the new GAAP option with respect to accounting for the release of donor restrictions;
Describe expense reporting under the new amendments;
Recognize examples of defining internal investment expenses;
Identify areas needed improvement as it relates to GAAP for NFPs;
Identify implementation consideration for net assets under the new requirements;
Recognize the requirements of a two-part disclosure under the new amendment.