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This course takes a high level look at the biggest change to not-for-profit (NFP) generally accepted accounting principles (GAAP) since the release of Financial Accounting Standards (FAS) No. 116 and 117 – Accounting Standards Update (ASU) No. 2016-14, and discusses the release date and expected implementation dates for most NFPs. It also discusses the history of non-profit financial statement regulation and the reasoning behind the decisions made by the Financial Accounting Standards Board (FASB) Not-For-Profit Advisory Committee in creating ASU No. 2016-14.

 

Learners also get a peek at some of the financial statement presentations and footnote disclosures they should be prepared to review on their next not-for-profit financial statement audit. There is also a brief discussion of real-world financial failures by nonprofits.

Learning Objectives

  • Recognize why changes were made to the Financial Accounting Standard (FAS) No. 117 financial statement format for not-for-profits as well as the changes made to individual parts of the financial statement
  • Identify the most important reasons that the Not-For-Profit Advisory Committee (NAC) describes as the driving forces behind the changes made in Accounting Standards Update (ASU) No. 2016-14
  • Identify the disclosures that not-for-profits now need to make either on the face of the financial statements or in the footnote disclosures as a result of ASU No. 2016-14
Last updated/reviewed: May 22, 2022

7 Reviews (25 ratings)Reviews

1
Anonymous Author
This was a terrible course! If it takes me multiple attempts to pass (I generally pass on first attempt without any further review or minimal review), and even reviewing slides and materials and doing further research causes confusion on the Q&A as well as the actual answers, how can anyone give this a higher rating. I have over 20 years of experience in this field and I find this to be overly convoluted and time consuming to pass a simple overview of updates.
5
Anonymous Author
Great high level introduction to financial statement presentation under ASU 2016-14, easy to follow and great explanations of the whys behind this change in financial reporting for Non Profits.
5
Anonymous Author
Excellent instructor! I look forward to taking more of his courses regarding non-profit organizations.
3
Anonymous Author
I've been away from NFP accounting for a long time. Solid basic information presented in this course
5
Anonymous Author
This was another over all excellent course by this gentleman. I am learning a lot from him
4
Member's Profile
The course provided a solid overview of Accounting Standards Update 2016-14.
5
Anonymous Author
Nice overview of ASU 2016-14. Slides were very informative.

Prerequisites

Course Complexity: Foundational

No advanced preparation or prerequisites are required for this course.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  1:23Introduction to ASU-2016-14: Not-For-Profit Financial Statement Update
  7:25Background - FAS 117 and NAC
  6:27The Reason for the Changes
  13:43So What's the NAC's Solutions?
  7:24Functional Expenses
  5:41Cash Flow Statement Improvement
CONTINUOUS PLAY
  42:04ASU-2016-14: Not-For-Profit Financial Statement Update Full Video
SUPPORTING MATERIALS
  PDFSlides: ASU-2016-14: Not-For-Profit Financial Statement Update
  PDFASU-2016-14: Not-For-Profit Financial Statement Update Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM