You have completed only 0% of the video. Please continue watching the video.
Please don’t fast forward or alter the cursor of the video. You must watch entire video to get your CPE credits.

Before starting this self study progarm, please go through the Instructional Document.

Download

Course Details

Overview of Topics

  • Introduction to the speaker

    1 mins
  • Last overhaul approximately 20 years ago

    10 mins
  • Represents significant change from previous guidance

    23 mins
  • Attempt to reduce the significant differences across the sector that exists with respect to reporting

    43 mins
  • Preparations for Implementation

    52 mins

Course Description

ASU 2016-14: Presentation of Financial Statements for Not-for-Profit Entities (“ASU”) was released on August 18, 2016, by the Financial Accounting Standards Board (“FASB”) and is effective for fiscal years beginning after December 15, 2017. The issuance of this new ASU represents a fundamental financial statement reporting a change for not-for-profit entities that has not occurred in over 20 years. This webinar attempts to convey the most recent accounting developments that will impact the presentation of the financial statements. Topics to be covered include revised net asset classifications, liquidity, and availability, expense reporting, the investment return and statement of cash flows.

Webinar Qualifies for

  • 1 CPE credit of Accounting for all CPAs
  • 1 General Educational credit for Tax Professionals/Bookkeepers/Accountants

Learning objectives

  • Discuss implementation of ASU 2016-14
  • Review samples of reporting changes to NFP financial statements required by ASU 2016-14
  • Discuss important points to convey in management and board meetings

About Presenter

Alexander Buchholz, CGMA, CPA, MBA

Advisor,PKF O'Connor Davies, LLP

abuchholz@pkfod.com

Alexander Buchholz is a Partner at PKF O’Connor Davies with over 15 years experience in public accounting, including with a “Big Four” accounting firm.

Alex is responsible for the development of the audit approach, supervision of staff, and the establishment and maintenance of the engagement budget. Additionally, he is responsible for the coordination of staff and management so that the audit is performed on a timely basis with as little intrusion to client operations as possible.

His expertise is in Single Audits, internal control/compliance audits, and specialized cost reporting. His industry experience is in healthcare and not-for-profit entities, including skilled nursing facilities, social service agencies, charter schools, diagnostic and treatment centers, home care service entities, adult homes and other long-term care facilities, special needs entities, and cemeteries.

Alex is also an adjunct professor at Brooklyn College of the City University of New York in the Department of Accounting where he teaches undergraduate and graduate courses in accounting and auditing. He also teaches at the School of Professional Studies of the City University of New York for the Online Business Management Department and at Mercy College and Lehman College.

He conducts internal training seminars for the Firm and frequently speaks at outside organizations and associations. He is also a former member of the Firm’s continuing professional education (CPE) committee, with special emphasis on Single Audit training. Alex has written many articles on accounting and auditing topics for a variety of professional publications.

PKF O'Connor Davies is a new breed of accounting and advisory firm that holds itself to a higher standard – going beyond passive value calculation to active value creation.

With unmatched client focus, we unlock the real value hidden at key connection points of every engagement – from the industry and resource levels to the organization and regulatory levels on the regional, national and international levels.

Through these connections, our team of more than 600 top-notch professionals continually drives efficiencies, uncovers opportunities and manages risk – delivering value where others can’t.

Review Questions

  • Question 1 : 00:15
  • Question 2 : 00:30
  • Question 3 : 00:45
  1. What are the principal reasons to issue an accounting standard update after a long time in the case of the Non-Profits?
  2. In the Statement of Financial Position which one of the following is the minimum presentation requirement?
  3. Which one of the following provides key details as to how liquidity and availability of resources need to be disclosed after the implementation of ASU 2016-14?
  1. Which one of the following should you include in case you are an independent auditor or a practitioner?
  2. Which one of the following represents the key provisions of ASU 2016-14?
  3. Which one of the following represents the characteristics of Board Designated Net Assets?
  4. What does the revised net asset classification in the ASU 2016-14 suggest?
  5. Which one of the following represents how the Not-for-Profits should represent the analysis of expenses?

FAQ

  • myCPE self-study courses are online.
  • The self-study format allows you to access the material online 24/7 and study at your own pace.
  • As per NASBA guidelines, you have one year from date of registration to complete each program.
  • Complete your final exam at any time and get CPE Credit instantly. You can retake the exam multiple times without any additional charges.
  • Course have minimum passing score of 70% and test takers will not be provided feedback on failed exams.
  • These are Live recorded presentations converted into Self Study (On-Demand Videos).

Refund/Cancellation Policy

  • For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128
  • Please email to   help@my-cpe.com  in case of any self study program queries.

Reviews

4.6
(62)
68%
29%
2%
0%
2%
  • SG
    STUART GREENBERG , CPA
    Oct 17th 2019
    This is by far the best presentation I've seen/heard. I love handouts because it is simple and easy to understand. I can apply it to the non-profit clients I work with and I can also share the material. Thank you for a great presentation on a pretty dry topic!
TR
Terry Rachuy , CPA
Alex was very knowledgeable about the program content & also shared his reporting preferences which were beneficial to hear from someone who has already experienced working on NFP Financial Statements.
JB
Jane Breaman , CPA
I knew the changes for NFP were about to be implemented. Alex's explanations were succinct and easily understandable. Great illustrations. I will be using this information in my role as Board Member for a small local charity.
SC
Susan Comeau , CPA
The presenter boiled the requirements of the ASU down to the essentials and provided great examples for implementation. The webinar and provided slides will definitely help me deal with the new requirements.
JF
Jennifer Falli , CPA
Excellent class for accountants working for or auditing NFPs. Good comparisons between old requirements for reporting and new ones without just relying on the pronouncements. Presentor spoke clearly and did not dash through a presentation at any time. Took plenty of participant questions.
FM
FRANCIS MAHONEY , CPA, Attorney
He taught in a manner so that everyone could understand and the material that was being presented his discussion was well organized. He gave some excellent examples and explained to them as well. In my opinion, this was a great 1-hour course and time well spent.

NASBA Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a 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 website: www.NASBARegistry.org.

On-Demand Webinars

IRC 199A: 2 YEARS IN – KEY OVERLOOKED PLANNING INITIATIVES
Wednesday, November 11, 2020 View Details/Register
PASSIVE LOSS ISSUES WITH SCHEDULE K-1S
Wednesday, November 11, 2020 View Details/Register
IRS TAX PRACTICE & PROCEDURE INTRODUCTION
Friday, November 06, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON Partnerships & LLCs (FORM 1065) - 2020 UPDATES
Friday, November 06, 2020 View Details/Register
ITEMIZED DEDUCTION UPDATES - WITH EXAMPLES & CASE STUDIES
Thursday, November 05, 2020 View Details/Register
COVER YOUR ASSETS: FRAUD AND INTERNAL CONTROLS
Monday, November 02, 2020 View Details/Register
Excel Accountant: CREATING ERROR-FREE EXCEL SPREADSHEETS
Monday, November 02, 2020 View Details/Register
HOW TO ANALYZE YOUR CLIENT’S TAX SITUATION
Monday, November 02, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S) - 2020 Updates
Friday, October 30, 2020 View Details/Register
IRS PENALTIES, ABATEMENTS, AND REASONABLE CAUSE
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP - NFP AND GOVERNMENTAL ACCOUNTING & AUDITING UPDATE
Wednesday, October 28, 2020 View Details/Register
IS IT DEDUCTIBLE: COMMONLY ASKED IRS DEDUCTIONS (UPDATED 2020)
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP – INTRODUCTION TO NFP AND GOVERNMENTAL ACCOUNTING & AUDITING
Monday, October 26, 2020 View Details/Register
Ethics for Wyoming CPAs
Friday, October 09, 2020 View Details/Register
CPA & ACCOUNTANTS: WHAT YOU SHOULD KNOW ABOUT CREDIT CARD SURCHARGING & IT'S LEGALITY
Thursday, October 22, 2020 View Details/Register
  • Cost $10
  • CPE Credits 1
  • Subject Area Accounting
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Published Date November 04 ,2019
  • Who should attend? Finance Pros Accountant Others CPA - Small Firm CPA - Mid Size Firm CPA - Large Firm Accounting Firm Young CPA Entrepreneurial CPA Tax Accountant (Industry) Accounting Practice Owners Senior Accountant Accounts Director Accounting Managers Staff of Accounting Firm
  • Handout Material Download
  • Key Terms Download

On-Demand Webinars

IRC 199A: 2 YEARS IN – KEY OVERLOOKED PLANNING INITIATIVES
Wednesday, November 11, 2020 View Details/Register
PASSIVE LOSS ISSUES WITH SCHEDULE K-1S
Wednesday, November 11, 2020 View Details/Register
IRS TAX PRACTICE & PROCEDURE INTRODUCTION
Friday, November 06, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON Partnerships & LLCs (FORM 1065) - 2020 UPDATES
Friday, November 06, 2020 View Details/Register
ITEMIZED DEDUCTION UPDATES - WITH EXAMPLES & CASE STUDIES
Thursday, November 05, 2020 View Details/Register
COVER YOUR ASSETS: FRAUD AND INTERNAL CONTROLS
Monday, November 02, 2020 View Details/Register
Excel Accountant: CREATING ERROR-FREE EXCEL SPREADSHEETS
Monday, November 02, 2020 View Details/Register
HOW TO ANALYZE YOUR CLIENT’S TAX SITUATION
Monday, November 02, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S) - 2020 Updates
Friday, October 30, 2020 View Details/Register
IRS PENALTIES, ABATEMENTS, AND REASONABLE CAUSE
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP - NFP AND GOVERNMENTAL ACCOUNTING & AUDITING UPDATE
Wednesday, October 28, 2020 View Details/Register
IS IT DEDUCTIBLE: COMMONLY ASKED IRS DEDUCTIONS (UPDATED 2020)
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP – INTRODUCTION TO NFP AND GOVERNMENTAL ACCOUNTING & AUDITING
Monday, October 26, 2020 View Details/Register
Ethics for Wyoming CPAs
Friday, October 09, 2020 View Details/Register
CPA & ACCOUNTANTS: WHAT YOU SHOULD KNOW ABOUT CREDIT CARD SURCHARGING & IT'S LEGALITY
Thursday, October 22, 2020 View Details/Register