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This course covers the not-for-profit financial statement – Statement of Financial Position – and is designed to introduce auditors to the Financial Accounting Standards Board (FASB) requirements of Accounting Standards Codification (ASC) Topic 958 — Not-for-Profit Entities regarding proper preparation of the statements.  

 

This course discusses assets, liabilities, and net assets accounts as well as disclosures that are specific to typical not-for-profits.  The course also discusses how Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, required structural changes to the average not-for-profit statement of financial position. The lessons are then applied by showing how this works in a sample statement of position.  

Learning Objectives

  • Recognize proper account sequencing structure per Financial Accounting Standards Board (FASB) accounting standards for the statement of financial position.
  • Identify the accounts that are likely to appear on a not-for-profit statement of financial position and their measurement rules.
  • Identify the key differences between net asset accounts prior to Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, and after.
Last updated/reviewed: November 8, 2019

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
  1:27Introduction to Government and Not-For-Profit Training – Not-For-Profit Statement of Financial Position
  12:50NFPs Differences From Business Entities
  13:58Assets Section
  5:31Investment Disclosures
  12:17Liabilities
  2:19Net Assets
CONTINUOUS PLAY
  48:03Government and Not-For-Profit Training – Not-For-Profit Statement of Financial Position Full Video
SUPPORTING MATERIALS
  PDFSlides: Government and Not-For-Profit Training – Not-For-Profit Statement of Financial Position
  PDFGovernment and Not-For-Profit Training – Not-For-Profit Statement of Financial Position Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM