While the authoritative guidance for accounting for contingencies stretches all the way back to Financial Accounting Standard 5 - now ASC 450 - the appearance of Accounting Standards Codification (ASC) 740 in 2009 (formerly known as FIN 48) has confused the entire issue of accounting for contingencies. With FIN 48 requirements now in place for not-for-profit organizations, primary emphasis is often given to income tax considerations when preparing financial statements for tax-exempt entities. Exposure related to nonincome taxes, especially sales and use taxes, is often overlooked. This OnDemand Webinar will focus on the impact of nonincome taxes as they apply to not-for-profit organizations. By ordering this program, you will understand how to identify these contingencies and properly account for and report them in financial statements. In addition, we will briefly contrast this with ASC 740 to provide you with additional clarity. Failure to properly account for and report both nonincome tax and income tax contingencies is a substantial risk in financial reporting for tax-exempt entities.