Description

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.