Gain a better understanding of the new standards and stay updated and informed on what needs to be implemented.
It's been over 20 years since the FASB did a complete re-evaluation of the financial reporting model used by nonprofit organizations. ASU 2016-14 Presentation of Financial Statements of Not-for-Profit Entities is a result of that process and will bring some important new changes to the financial statements of nonprofits. At the same time, new FASB requirements for revenue recognition including specific guidance for nonprofits' contribution and grant income and leases, will also have significant impacts. Preparers, auditors and readers of nonprofit organization financial statements need to keep abreast of these changes, and this content is designed to provide you with practical information related to all these changes.
Learning Objectives
- You will be able to identify key objectives of ASU 2016-14.
- You will be able to identify key objectives of ASU 2018-08.
- You will be able to differntiate the effective dates between various ASUs.
- You will be able to recognize the changes in lease accounting.
Credit
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Why Lorman?
Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Overview of the Project to Revise the Nonprofit Reporting Model That Resulted in the Issuance of ASU 2016-14 Presentation of Financial Statements of Not-For-Profit Entities
Net Asset Classifications Under the New Model
Information About Assessing Liquidity and Availability of Financial Resources
Reporting External and Direct Internal Investment Expenses
Reporting Expenses by Function and Natural Classification
Disclosures About Cost Allocations
Impact of Revenue Recognition Standards on Not-For-Profit Organizations
Clarifying the Scope of the Revenue Recognition Standards on Contributions and Grants (ASU 2018-08)
Preparing for the New Lease Accounting Standards
FASB Nonprofit Projects on the Horizon
Credit
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Why Lorman?
Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on August 1, 2019.
Call 1-866-352-9540 for further credit information.
CPE/NASBA - QAS Self Study 2.2 including Accounting 2.2
- Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.2 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Accounting for 2.2 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
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Why Lorman?
Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Warren Ruppel, CPA
Marks Paneth LLP
- Currently, partner in the nonprofit, Government and Healthcare Group of Marks Paneth LLP, a Top 100 accounting firm based in New York
- Author of CCH’s Knowledge Based Audits of Not-for-Profit Organizations; Wiley’s Not-for-Profit Accounting Made Easy; and Not-for-Profit Audit Committee Best Practices
- Formerly the assistant comptroller of accounting for the city of New York, with overall responsibility for the city’s accounting and financial reporting
- Earlier in career with KPMG and Deloitte & Touche, serving numerous public sector not-for-profit and government audit clients
- Former board member and chair of the audit committee of the New York State Society of CPA’s
- Appears quarterly as the government specialist on the CPA report distributed by SmartPros
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Why Lorman?
Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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