NFPO – Disclosure and presentation
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Not-for-Profit organizations are becoming more complex as they try new ideas, offer new services and grow in a competitive environment. With this added complexity comes the need to increase and expand financial statement disclosures to ensure the users of the financial statements obtain relevant and valuable information. This seminar will provide a broad review of financial statement presentation and note disclosure requirements under Part III- Accounting Standards for Not-for-Profit Organizations (ASNFPO) and relevant disclosures from Part II - Accounting Standards for Private Enterprises (ASPE). Participants will review a number of examples of disclosures and engage in activities to identify issues and improve disclosures. Different presentation methods (restricted fund vs. deferral method) and the impact on presentation will also be discussed.
This course will serve as a comprehensive review of the presentation and disclosure requirements faced by a not-for-profit organization when it applies ASNFPO and relevant ASPE standards. Participants will review a variety of examples and learn to apply the disclosure requirements for a number of different areas that NFPOs regularly deal with.
By the end of this training activity, participants will be able to:
- identify and analyze accounting issues specific to NPOs and determine the appropriate disclosures required;
- identify where policy choice exists and determine the appropriate level of disclosure required to communicate those choices to the user of the financial statements;
- interpret facts and scenarios to determine the appropriate presentation and disclosure.
- Concepts that drive the presentation and disclosure requirements
- Statement of operations presentation and related disclosures
- Statement of financial position presentation and related disclosures, e.g. financial instruments
- Statement of changes in net assets
- Statement of cash flow presentation and related disclosures
- Choosing a presentation methodology and understanding the different methods for accounting for contributions
- Review of sample financial statements using real world examples
- Disclosure of significant accounting policies
- Financial instruments
- Controlled and related entities
- Tangible and intangible capital assets and collections held by a not-for-profit organization
- Employee future benefits
- Other revenues and contributions
- Allocated expenses and interfund transfers
- Related party transactions
- Ongoing projects and potential impact of changes
This course will benefit professionals at all levels involved in the preparation and review of NFPO financial statements.
Participants should have an understanding of the CPA Handbook – Accounting Part III, with respect to measurement issues, or completion of the seminar NFPO – Review of the Standards.
Government-controlled NFPOs must follow the Public Sector Accounting Handbook, which will not be addressed in this course.