Preparing Not-for-Profit Financial Statements - Massachusetts Society of CPAs

Overview

You could pay $0 for this course!

In order to prepare accurate and effective not-for-profit financial statements, professionals must have a strong working knowledge of the reporting requirements. Now is the time to obtain that knowledge! This course explains the requirements, illustrates how the requirements manifest in the financial statements, and clarifies options available to not-for-profits in applying the requirements. The course covers key accounting areas that affect not-for-profits,including net assets, contributions, and functional expense reporting. The course materials utilize a highly illustrative and innovative format, including over 30 focused exercises to provide an enhanced working knowledge of not-for-profit accounting and reporting.

This course qualifies for reimbursement through the state’s Workforce Training Express Fund. Firms/companies with fewer than 50 staff can be reimbursed up to 100% of the cost of training and firms/companies with 50-100 employees can be reimbursed up to 50% of the cost of training. You must register for the course and apply for reimbursement through the Workforce Training Express Fund website a minimum of three weeks prior to the start of the course. The course code for this program is C-3020. To learn more, click here or contact Julia Ekelund at jekelund@masscpas.org.

Highlights

The key requirements, options, and disclosures related to each of the basic financial statements The reporting of functional and natural expense information The new requirements related to providing liquidity and availability of financial assets information The implementation of ASU No. 2018-08 and its effect on the accounting for grants and contracts as well as contributions in general How the new lease requirements (ASU No. 2016-02, Leases) impact not-for-profits Core not-for-profit accounting requirements related to conditional and unconditional contributions, promises to give, contributed services, net assets, special events, the classification of expenses, and more

Prerequisites

Some introductory background in not-for-profit accounting and reporting

Designed For

Not-for-profit industry professionals and auditors

Objectives

Obtain a working knowledge of the not-for-profit requirements contained in ASU No. 2016-14 and ASU No. 2018-08 Skillfully prepare a not-for-profit’s financial statements through superior knowledge of accounting and reporting requirements Effectively apply today’s core not-for-profit accounting requirements while also preparing for changes coming in the area of leases