Description

This course provides a high-level overview of the most important issues facing nonprofit entities and their auditors. The focus of this course is on explaining the theory behind major issues and trends, enabling professionals to understand the most important aspects of relevant professional and regulatory standards related to reliable financial reporting for nonprofit entities.

Major Topics:

• Discussion of financial reporting risks increased by the current economic environment, including increased uncertainty related to critical financial statement amounts and significant disclosures
• Executive summary of recent Accounting Standards Updates
• Overview of fair value disclosure requirements and implementation issues
• Discussion of issues related to donor-restricted endowment funds
• Classification of net assets and reclassifications
• Endowments, including accounting, disclosures and UPMIFAv
• Noncash contributions
• Contributions received and receivable
• Expense recognition issues
• Reporting expenses by function and nature
• Other relevant matters unique to the nonprofit environment

Who Should Attend:
Anyone responsible for preparing or attesting upon nonprofit financial statements.