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Self-StudySELECT STARTING AT $125

Downloadable PDF

Credits: 8

Qualifies For: YB

$125

Textbook

Credits: 8

Qualifies For: YB

$140
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Focus on the Mission: Not-for-Profit Accounting and Reporting Today and Tomorrow (FMIS)

  • Customer Rating
  • Field of Study
    Accounting (Governmental)
  • Level
    Intermediate
  • Credits
    8
  • Qualifies for

    YB CPE

Overview

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 course will help you to master the key accounting and reporting rules that not-for-profits use to tell their story of mission achievement today. This course will also look at how some of those rules will change in the future with the FASB’s Financial Statements of Not-for-Profit Entities project. The course materials utilize a highly illustrative and innovative format. Over 30 focused exercises are included to provide an enhanced working knowledge of not-for-profit accounting and reporting.

Major Topics:

  • 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

Learning Objectives

  • 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

Who should take this course:

Designed for:

Not-for-profit industry professionals and auditors

Prerequisite:

Some introductory background in not-for-profit accounting and reporting

Advanced Preparation:

None

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