Instructor for this course
more

The Not-For-Profit (NFP) statement of activities is designed to report revenues, gains, expenses, and losses for the period. It is useful for assessing a NFP’s service efforts and its ability to continue to provide services to sustainably carry out its mission. A NFP’s statement of activities differs from the income statement of a for-profit business in a variety of ways.

 

This course covers the major differences between the two but it is designed to introduce accountants to the Financial Accounting Standards Board (FASB) requirements regarding proper presentation of the statements.  This course also discusses required disclosures that are specific to not-for-profits, how Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, required structural changes to the format, and how it also requires all NFPs to create an analysis of expenses by natural and functional classification. The lessons are applied by showing how this works in a sample statement of activities.  

Learning Objectives

  • Recognize proper account sequencing structure per Financial Accounting Standards Board (FASB) accounting standards for the statement of activities.
  • Identify the accounts that are likely to appear on a not-for-profit statement of activities and recognize the measurement rules that are specific to Not-For-Profits (NFPs).
  • Identify the requirements regarding recording donated goods and services in the statement of activities.
Last updated/reviewed: November 13, 2019

2 Reviews (6 ratings)Reviews

4
Anonymous Author
Adam presents difficult concepts clearly. For some reason this class was rather confusing to as I spent a lot of my career in the private sector.
5
Member's Profile
Adam does sa great job with courses and is always clear and concise.

Prerequisites

Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course, but completion of the other courses in this series is recommended.

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
  9:51Introduction to Government and Not-For-Profit Training – Not-For-Profit Statement of Activities
  10:42FASB ASC 958-225
  11:36Common Exchange Transactions and Fundraisers
  11:00Accounting For Donated Goods and Services
  00:49Summary
CONTINUOUS PLAY
  43:58Government and Not-For-Profit Training – Not-For-Profit Statement of Activities Full Video
SUPPORTING MATERIALS
  PDFSlides: Government and Not-For-Profit Training – Not-For-Profit Statement of Activities
  PDFGovernment and Not-For-Profit Training – Not-For-Profit Statement of Activities Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM