- NY Credits : 11.0
- TX Credits : 11.0
In 1993, FASB issued Statement No. 116, Accounting for Contributions Received and Contributions Made (codified in FASB ASC 605, 720, and 958), and Statement No. 117, Financial Statements of Not-for-Profit Organizations (codified in FASB ASC 958). These statements revolutionized the field of not-for-profit (NPO) accounting, standardizing reporting requirements for various types of NPOs, while allowing a considerable degree of flexibility for financial statement presentation. This course is updated for changes resulting from ASU 2016-14 on the financial statements and ASU 2017-02 on consolidations.
Upon successful completion of Not-for-Profit Accounting and Reporting Made Simple, the user should be able to:
apply valuation guidance for NPO debt and marketable securities, and other investments,
recognize respective FASB Codification guidance related to investments and transfers of assets in NPO organizations,
identify how the AICPA Audit and Accounting Guide for not-for-profit organizations provides guidance on both contributions and exchange transactions and split interest and other planned giving arrangements,
determine when an activity is a joint activity and what costs may be allocated, and
identify areas of strategic concern to not-for-profit organizations.