The Most Critical Challenges in Not-for-Profit Accounting Today
Presenter
James Schmutte,
Professor,
Ball State University
Overview
Not-for-profit entities have recently applied critical new standards related to contributions of nonfinancial assets, leases and more. Now is the time to know more than just what the standards state - we need to know what the standards mean and how they will affect not-for-profit entities. This course is designed to do just that! The course materials utilize a highly illustrative and innovative format. Over 15 focused exercises are included to provide an enhanced working knowledge of the challenges in not-for-profit accounting.
Learning Objectives:
- Identify the critical changes occurring in not-for-profit accounting today.
- Skillfully implement today's most challenging FASB standards affecting not-for-profits.
- More effectively audit not-for-profit entities through superior knowledge of key accounting issues.
Major Topics:
- Lessons learned (and lessons remaining) from the implementation of FASB ASC 842, Leases, and ASU No. 2020-07 related to contributions of nonfinancial assets
- Solving contribution conundrums (e.g., conditional contributions, restricted contributions, contributed services and more)
- Additional issues in not-for-profit financial reporting
