Financial Statements of Nonprofit Organizations: Significant Changes are Happening

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Instructor

Jim
Martin

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Jim Martin, CPA, CGMA, MAc

Bio

James (“Jim”) Martin is a true “general practitioner” in Atlanta, Georgia who, for 39 years, has specialized in both income tax and accounting and audit areas. In addition to serving the accounting and tax needs of 100 clients, Jim performs 75-80 continuing education seminars per year for CPAs and attorneys throughout the United States. To date, he has prepared and presented over 3000 full and half-day seminars on accounting and taxation topics. Jim’s philosophy of CPE is simple: spend the class time on topics of applicability and relevance to all and present the topics in an entertaining and fast moving manner. He also produces self-study videos that have been among the top sellers in the southeastern United States for the past several years. Jim regularly consults with CPA firms throughout the United States on a variety of accounting and auditing technical issues and serves as expert counsel in litigation manners.

Not since the early 1990s has FASB changed the reporting requirements for Nonprofit Organizations. About 260 pages later, the first round of changes is complete in the form of ASU 2016-14 which is applicable in calendar 2018! This course covers the significant provisions of ASU 2016-14 and their applicability to the financial statements of the typical Nonprofit Organization that the local practitioner engages or works with (10 or fewer employees, $5,000,000 or less revenue). A fast moving, practical approach to application of the standard in what is typically a very fee sensitive area!

Learning Objectives

Identify the impact of the FASB's Not-for-Profit Financial Statement Standard. Identify the unique aspects of the not-for-profit environment. Apply the unique not-for-profit accounting and reporting requirements, including revenue recognition. Recall ways to perform more effective audits of not-for-profit organizations with better knowledge of not-for-profit accounting and reporting requirements.

Major Topics

Core elements of financial reporting Exchange transactions and contributions Reporting and measuring results Impact of FASB's Not-for-Profit Financial Statement Project

CPE Credits Available

4 CPE

4: Accounting & Auditing

Things to Know About This Course

Course Level

Update

Professional Area of Focus

A & A
Not-for-profit

Prerequisites

Experience in the not-for-profit environment

Advanced Preparation

None

Intended Audience

Professionals working with or in the not-for-profit environment

Provider

Real World Seminars