CPAR NFP - Auditing Practice

CPAR GOV/NFP - Vol. 2020 - No. 3 - 02 - Nonprofit Accounting and Auditing Updates - Part II

On September 17, 2020, FASB released an accounting standard update, (ASU) 2020-07 Not-for-Profit Entities (Topic 958) in order to improve transparency around how nonprofit organizations present and disclose contributed nonfinancial assets, also known as gifts-in-kind (GIKs). The update will not change existing recognition and measurement requirements. It would “require nonprofits to present contributed nonfinancial assets as a separate line item in the statement of activities, apart from contributions of cash or other financial assets.” Allen Fetterman, CPA discusses gifts-in-kind and what prompted the amendments.

Learning Objectives:

  • Recognize the types of assets included in gifts-in-kind and understand presentation requirements,
  • Identify the different treatments of PPP loan forgiveness,
  • Identify the differences between the loan model and the conditional contribution model, and
  • Determine the major changes under SAS 134 and SAS 140.


Prerequisites/Advanced Preparation:

Work experience in government accounting or auditing, or an introductory course in government auditing.


Speaker / Author:

Allen Fetterman, CPA

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Price (USD)

Standard: $69.90

Details

Course Code : CPAR1476-FM

Release Date : 10/28/2020
Expire Date : 12/08/2022
Credits :
CPE 2.00
QAS 2.00

Length : 1hr 40min
Course Level : Update
Course Type : Self-Study
Passing Grade : 70%
Format Type : eLearning
Mobile Compatible
Field Of Study : Auditing - Governmental


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