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: August 28, 2023
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11 Reviews (43 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
5
Anonymous Author
I loved the instructor's humor! Yet he still was professional and taught the course well.
5
Anonymous Author
It is an easy course to take on since the discussion is well elaborated. Thank you.
4
Member's Profile
This is a good high level overview of the changes and impacts from the changes
4
Member's Profile
The course provided a solid overview of Accounting Standards Update 2016-14.
5
Anonymous Author
Good and meaningful discussion for NFP for auditors like me. Kudos
5
Anonymous Author
Nice overview of ASU 2016-14. Slides were very informative.
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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 .
Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to ASU-2016-14: Not-For-Profit Financial Statement Update1:23
  Background - FAS 117 and NAC7:25
  The Reason for the Changes6:27
  So What's the NAC's Solutions?13:43
  Functional Expenses7:24
  Cash Flow Statement Improvement5:41
CONTINUOUS PLAY
  ASU-2016-14: Not-For-Profit Financial Statement Update Full Video42:04
SUPPORTING MATERIALS
  Slides: ASU-2016-14: Not-For-Profit Financial Statement UpdatePDF
  ASU-2016-14: Not-For-Profit Financial Statement Update Glossary/IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam