Accounting for Not-For-Profit Organizations

Learning Objectives

• To review the concepts underlying the development and use of accounting principles in Not-For-Profit Organizations’ financial statements.
• To understand guidance on preparing financial statements by Not-For-Profit Organizations.
• To focus on areas that are unique to accounting for Not-For-Profit Organizations.

Course Description

What do you need to know about accounting for Not-For-Profit organizations? 

Unfortunately, sometimes, matters unique to Not-For-Profit entities are not dealt with explicitly in the primary sources of generally accepted accounting principles.

This presentation provides the guidance you need when selecting accounting policies and determining appropriate disclosures for Not-For-Profit organizations. It offers you an insight into the specific accounting issues of Not-For-Profit companies. 

Key topics covered in the CPE webinar for CPAs on Accounting:

• Accounting treatment for inventories of a Not-For-Profit organization.
• Accounting treatment for employee future benefits provided by a Not-For-Profit organization.
• Presentation and disclosures for financial statements of a Not-For-Profit organization.
• Accounting for the recognition, measurement, presentation and disclosure of contributions, and related investment income, received by a Not-For-Profit organization.
• Accounting for the recognition and disclosure of contributions receivable a Not-For-Profit organization.
• Accounting for tangible capital assets held by a Not-For-Profit organization.
• Accounting for intangible assets acquired or developed by a Not-For-Profit organization.
• Accounting for Contributed assets and write-downs of assets of a Not-For-Profit organization.
• Disclosures for collections held by a Not-For-Profit organization.
• Accounting for the presentation and disclosure of controlled, significantly influenced, and other related entities in the financial statements of a Not-For-Profit organization.
• Disclosures for related party transactions in the financial statements of a Not-For-Profit organization.
• Disclosures for a Not-For-Profit organization that classifies its expenses by function and allocates its expenses to a number of functions to which the expenses relate.

Overview

• Government not-for-profit organization

  5 mins
• What accounting methods do private sector NFPOs currently follow?

  26 mins
• Highlighted changes for NFPOs

  29 mins
• Derecognition of financial assets and financial liabilities

  53 mins
• Financial instruments initial measurement

  65 mins
• Impairment of investments held by NFPOs in profit-oriented entities subject to significant influence

  84 mins