New FASB ASU 2016-14 on Not-For-Profit Financial Reporting and Disclosures: Are You Ready?
Prepare Now to Revise Reporting Practices Regarding Net Asset Classification, Expense Reporting and Liquidity Disclosures
Recording of a 110-minute CPE webinar with Q&A
Conducted on Tuesday, March 7, 2017
Recorded event now available
This webinar will provide NFP auditors and professionals with not-for-profit (NFP) financial reporting responsibilities with a thorough and practical guide to the new FASB ASU 2016-14 reporting standard, applicable to almost all nonprofits, and to prepare to implement its significant changes to financial reporting and disclosures for NFPs.
The FASB’s Presentation of Financial Statements of Not-for-Profit Entities was released in August 2016. The standard is effective for annual financial statements issued for fiscal years beginning after Dec. 15, 2017, and for interim periods within fiscal years beginning after Dec. 15, 2018. The newly released updates will change the way NFPs classify net assets and prepare financial statements.
The changes in the standard are focused on clarity of information regarding liquidity and availability of financial assets and consistency in reporting expenses by function and nature. The standard also provides guidance on specific disclosures that must be made.
Due to the extent of changes to NFP financial reporting, executives to NFPs must act now with an implementation plan that includes training auditing staff, preparing other members of the organization who use financial reporting for making business decisions, and reexamining existing financial reporting policies and procedures for necessary updates.
Listen as our experienced panel provides a thorough briefing on the ASU 2016-14 changes to NFP financial reporting, including net asset classifications, underwater endowments, board-designated net assets, restrictions to long-lived assets, disclosure requirements and more. The panel will outline concrete guidance on implementing a transition plan to fully comply with the new requirements.
- NFP financial reporting key changes
- Net asset classification
- Liquidity and availability of cash
- Reporting financial performance measures
- Reporting expenses by function and nature
- Statement of cash flows
- Underwater endowments
- Next steps
The panel will review these and other key issues:
- Net asset classifications
- Underwater endowments
- Board-designated net assets
- Transparency and utility of liquidity information
- Reporting financial performance measures
After completing this course, you will be able to:
- Identify underwater endowments
- Establish correct net asset classifications
- Determine reporting of expenses by function and nature
- Discern financial reporting requirements
Amy Altholz, CPA, CGMA, Partner
Ms. Altholz is the Vice Chair of the Firm's Not-For-Profit Services Group. Her focus is on assurance services and the not-for-profit industry. She has significant experience in audit, review, and internal controls and operations of not-for-profits, attest services, as well as tax returns and other filings for not-for-profits.
William P. Epstein, Director
Mr. Epstein is a member of the Firm's Not-for-Profit Services Group and has spent almost two decades in public accounting. He has extensive experience in planning, administering, and supervising not-for-profit, governmental, and commercial audit engagements, including those of entities that receive government funding and that require special compliance reporting, as well as employee benefit plans. He also has expertise with preparing and reviewing federal compliance and tax forms, such as Forms 990 and 990-T, as well as other related federal, state, and local filings. He is a frequent speaker on accounting and auditing topics, presenting sessions on a variety of matters of current interest in the not-for-profit marketplace.
Kelly Thompson, CPA, Principal
The Bonadio Group,
Ms. Thompson's experience includes financial statement audits, technical quality control reviews, single audits, financial reporting, and other compliance and regulatory reporting for health and human service organizations, foundations, healthcare, and educational institutions. She also heads up the Firm’s continuing professional education function and has authored on ASU 2016-14 and presents on a variety of topics.
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EA Processing $5.00
Includes full event recording plus handouts.
Note: Self-study CPE and EA credits are not offered on recorded events.
Recorded Webinar Download $147.00
Recorded Audio Download (MP3) $147.00
DVD (Slide Presentation with Audio) $147.00 plus $9.45 S&H
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Strafford is an IRS approved continuing education provider and this course is approved for 2 enrolled agent (EA) credit hours.
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Cover & Rossiter
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Savas Greene & Company
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Sample and Bailey
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WISS & Company
Accounting Non-Profit Services Advisory Board
Making Auditors Proficient
Steven J. Luber
Partner-In-Charge, National Not-For-Profit Tax Practice
Principal, Non-Profit and Government Practice
Strand and Associates
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