Description

Stay current with this deep dive into accounting for and auditing nonprofit revenue streams. During this session, we?ll review recent new standards. The case studies will include familiar and complex situations and audit techniques to identify potential misstatements.

Target Audience

CPAs, auditors, accountants and financial professionals that work in or with nonprofits.

Course Objectives

• Recognize financial statement presentation requirements for nonprofits • Learn about how to account for and disclose COVID-related assistance and risks • Learn about the new grant accounting guidance in ASC 606 and gifts-in-kind standard • Plan for changes required by the new revenue recognition and lease accounting standards • Consider methodologies for cost allocation for the functional presentation and grant accounting needs • Identify accounting challenges for nonprofits • Identify audit issues unique to nonprofits

Subjects

• Pledges and contributions • Restrictions and conditions • Special concerns with governmental funding • Donated goods and services • Special events • Revenues earned through sales and services to customers

Prerequisites

Familiarity with accounting requirements for nonprofits and generally accepted auditing standards.