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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Accounting

Date & Time
  • event Date

    Tuesday, March 28, 2023

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

$197.00
CPE
ALL

This webinar will discuss preparing financial statements for nonprofit organizations. This discussion will cover the unique aspects of these reports, identify common reporting missteps, and provide advice for efficiently assimilating these statements for auditors and accountants of these organizations.

Faculty

Amy Guerra
Professional Practice Director - Nonprofit and Healthcare Industries
BDO USA

Ms. Guerra has more than 15 years of providing assurance services to nonprofit and healthcare entities. She has extensive nonprofit experience with audits of human service organizations, trade associations, private and operating foundations, and other nonprofits organizations. Ms. Guerra also has significant experience with audits subject to Government Auditing Standards and the Uniform Guidance. Her responsibilities include researching and disseminating information to the engagement teams related to recent pronouncements issued by the FASB and others that set standards for the


nonprofit sector. Applying technical knowledge to develop, administer, and deliver both internal and external webinars and training courses. Supporting audit engagement teams and our Alliance firm network in navigating complex auditing, accounting matters, reporting issues, and compliance issues.


In addition, Ms. Guerra is a Technical Director for the BDO Institute for Nonprofit ExcellenceSM. She also is a regular contributor to the BDO quarterly Nonprofit Standard newsletter.

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Tamara Greear
Partner
Rodefer Moss & Co., PLLC

Ms. Greear serves as a Partner at the firm’s Norton, Virginia office. She is registered and licensed to practice in the Commonwealth of Virginia and has over 25 years of accounting experience. Ms. Greear specializes in corporate accounting, audit, financial reporting, and business and individual taxation. She has extensive experience with audits subject to Government Auditing Standards and the Uniform Guidance. Ms. Greear is also a former Chair, and current member of the Virginia Society of CPA’s Accounting and Auditing Advisory Committee.

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Description

Nonprofit organizations have distinctive reporting requirements. The titles, disclosures, and financial statements are unique to these organizations. The Statement of Financial Position reports not only net assets but must disclose whether the assets are with or without donor restriction, and to the extent with donor restriction, whether these restrictions are permanent or temporary. Most often, these determinations are not readily apparent. Further, the Statement of Activities, similar to an Income Statement, reports revenues, expenses, and changes in assets. However, nonprofit organizations must report this information separately for each activity and report revenue as with or without donor restriction.

On top of increased financial statement reporting requirements, these nonprofit organizations must include additional disclosures in their financial statements. Accounting Standards Update (“ASU”) 2020-07 requires disclosure of nonfinancial contributions, better known as in-kind contributions, and the nonprofit's accounting policies for contributions. These additional reporting requirements can burden organizations operating for charitable purposes and auditors and accountants required to comply with these voluminous guidelines. Accountants working with nonprofit organizations must understand reporting requirements and the role and responsibilities of the auditors, management, and the board of directors in accumulating and divulging this information.

Listen as our panel of nonprofit experts reviews the unique components of nonprofit financial reporting for auditors, accountants, and managing members of these organizations.

Outline

  1. Overview: nonprofit financial reporting
  2. Preparing financial statements
    1. Statement of Financial Position
    2. Statement of Activities
    3. Statement of Functional Expenses
    4. Statement of Cash Flows
  3. FASB prescribed formats
  4. Disclosures
  5. Use of financial statements
    1. Board's roll and responsibility of management
    2. Auditors' reports and responsibility

Benefits

The panel will cover these and other critical issues:

  • Types of auditors’ reports issued by nonprofit organizations
  • Footnotes required for nonprofit organizations
  • Identifying and avoiding common financial statement reporting errors made by nonprofit organizations
  • Complying with unique financial reporting requirements for nonprofits
  • The role and responsibilities of the board of directors and management of nonprofit organizations

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify differences in temporarily and permanently restricted assets
  • Determine management's responsibility for financial statements
  • Decide how expenses are separated on the Statement of Functional Expenses
  • Ascertain differences between restricted and unrestricted assets

  • Field of Study: Accounting
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience, preparing reviewed, compiled, and audited financial statements and the relative disclosures. Specific knowledge and understanding of GAAP, SSARS, and peer review policies.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.