Gain a better understanding of the standards and stay updated and informed on what needs to be implemented.
It’s been over 20 years since the FASB did a complete re-evaluation of the financial reporting model used by nonprofit organizations. ASU 2016-14 Presentation of Financial Statements of Not-for-Profit Entities is a result of that process and will bring some important new changes to the financial statements of nonprofits. At the same time, new FASB requirements for revenue recognition, including specific guidance for nonprofits’ contribution and grant income and leases, will also have significant impacts. Preparers, auditors, and readers of nonprofit organization financial statements need to keep abreast of these changes, and this content is designed to provide you with practical information related to all these changes.
Learning Objectives
- You will be able to describe net asset classifications under the new model.
- You will be able to review information about assessing liquidity and the availability of financial resources.
- You will be able to discuss disclosures about cost allocations.
- You will be able to identify FASB nonprofit projects on the horizon.
Agenda
- Overview of the Project to Revise the Nonprofit Reporting Model That Resulted in the Issuance of ASU 2016-14 Presentation of Financial Statements of Not-For-Profit Entities
- Net Asset Classifications Under the New Model
- Information About Assessing Liquidity and Availability of Financial Resources
- Reporting External and Direct Internal Investment Expenses
- Reporting Expenses by Function and Natural Classification
- Disclosures About Cost Allocations
- Impact of Revenue Recognition Standards on Not-For-Profit Organizations
- Clarifying the Scope of the Revenue Recognition Standards on Contributions and Grants (ASU 2018-08)
- Preparing for the New Lease Accounting Standards
- FASB Nonprofit Projects on the Horizon
Speakers
Warren Ruppel, CPA,
Marks Paneth LLP- Partner in the nonprofit and government services group at Marks Paneth LLP, a mid-sized accounting firm based in New York, and practice leader for government services
- Formerly the assistant comptroller of accounting for the city of New York, with overall responsibility for the city’s accounting and financial reporting, including its implementation of GASB 34
- Earlier in his career with KPMG and Deloitte & Touche, serving numerous government audit clients
- Written several books, including Wiley’s GAAP for Governments and Government Accounting Made Easy
- Member of the Accounting and Auditing Committee of the New York State Government Finance Officers Association
- Member of the AICPA’s Technical Issues Committee’s subgroup for governmental accounting matters
- Member of the Special Review Committee of the national Government Finance Officers Association
- Appears quarterly as the government specialist on the CPA Report distributed by SmartPros
Who Should Attend
This live webinar is designed for accountants, executive directors, officers, board members, controllers, CFOs, tax managers, and tax preparers.
