Description

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.