Instructor for this course
more

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: November 11, 2019

3 Reviews (10 ratings)Reviews

5
Anonymous Author
Excellent instructor! I look forward to taking more of his courses regarding non-profit organizations.
5
Anonymous Author
This was another over all excellent course by this gentleman. I am learning a lot from him
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