Non-Profit Entity Financial Statements
Author: Pat Patterson
| CPE Credit: |
3 hours for CPAs |
Expert CPA, Pat Patterson will walk you through the new professional standard ASU 2016-14 from the FASB known as, “Presentation of Financial Statements for Not-for-Profit Entities”, which represent the most significant changes in authoritative professional standards concerning NFPs in 20 years. This topic represents changes to the form and content of the financial reports and financial statements of NFPs. The changes are explained, discussed, and illustrated for examples.
Publication Date: January 2022
Designed For
Professionals in public practice, industry, government, and education who deal with or are a part of Non-for-Profit Entities and need to know to handle the major changes from the FASB.
Topics Covered
- Which Not-for-Profits (NFPs)?
- FASB Accounting Standards Updates (ASUs) - Specific to NFPs
- AICPA Auditing Standards Update: 2021
- New SASs
- The Changes to SSARS
- COVID—19 and GAAP
- Major Changes - SAS 134 is here!!!
- AU-C Section 700: Forming an Opinion and Reporting on Financial Statements
- Illustration 1
- Some Top Issues For NFPs
Learning Objectives
- Identify NFP FASB standards issued
- Recognize and apply the new NFP auditing issues
- Recognize top related issues
- Identify and apply examples of reporting issues
- Identify COVID-19 and other related matters
- Identify characteristics that distinguishes an NFP from a business entity
- Recognize which ASU released back in 2012 addressed the diversity in practice about how to classify cash receipts arising from the sale of certain donated financial assets
- Describe LIBOR
- Identify which SAS relates to auditor reporting and amendments, including amendments addressing disclosures in the audit of financial statements
- Identify a change made based on the release of SAS No. 142
- Differentiate which AU-C requires the auditor to take into account the relevance and reliability of information to be used as audit evidence
- Recognize which section of SSARS 25 relates to the review of financial statements
- Differentiate ASUs and how they apply in various scenarios
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (3 hours)
Program Prerequisites
Participants should have a general knowledge of generally accepted accounting principles.
Advance Preparation
None
