- NY Credits : 5.0
- TX Credits : 5.0
Accounting for not-for-profit organizations (NFPs) includes churches, charities and fraternal organizations, associations, and unions; not covered by this course are governmental units, universities, voluntary health and welfare organizations, and hospitals. Accounting for NFPs requires an accounting background and familiarity with fund accounting (at least one year of experience working with an NFP or completed coursework including NFP accounting).
Updated for Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. This update provides that all NFPs will need to report operating expenses by their functional classes (e.g., major classes of program services and supporting activities) as well as by their natural classification (e.g., salaries, rent, electricity, interest expense, and depreciation). This update will become effective for annual financial statements issued for fiscal years beginning after December 15, 2017, and for interim periods within fiscal years beginning after December 15, 2018. Early adoption of this update is allowed.
Upon successful completion of this course, the user should be able to:
identify and report on not-for-profit organizations,
identify the statement of financial position the statement of activities of a not-for-profit organization, and
recognize other accounting and reporting matters.