Course Detail

ASU No. 2016-14 in Just Four Hours (ASU4)

Description:

ASU No. 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, will usher in the most significant changes to not-for-profit financial reporting in over 20 years when it becomes effective for December 31, 2018, year-ends. To properly implement the new financial reporting model professionals will need to have a strong, working knowledge of the new requirements. Now is the time to obtain that knowledge! This course will explain the new requirements, illustrate how the requirements will manifest themselves in the financial statements, and explain key options that not-for-profits have in implementing the requirements. The course will also examine other key issues on the horizon related to revenue recognition and leases. The course materials utilize a highly illustrative and innovative format to provide an enhanced working knowledge of not-for-profit financial reporting.

Highlights:

* Changes in the reporting of net assets and how they will play out in the statement of financial position and the statement of activities * How the reporting of functional and natural expense information is changing * The new requirements related to providing liquidity information * Changes to the statement of cash flows * Developing issues related to revenue recognition and leases

Objectives:

* Obtain a working knowledge of the new not-for-profit financial reporting requirements contained in ASU No. 2016-14 * Skillfully prepare a not-for-profit's financial statements through superior knowledge of reporting requirements * Prepare for tomorrow's changes coming in the areas of revenue recognition and leases

Prerequisites:

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

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