CPAR NFP - Accounting & Financial Reporting  |  Format: Flash

Not-for-Profit Accounting and Auditing: Recent Guidance

Course Overview
The guidance for governmental and not-for-profit accounting comes primarily from the GASB and the GAO. But it is not only those two major players that we need to monitor if we want to provide reliable financial information to our stakeholders. The major standard setters in the private sector, the FASB and the AICPA, also play a role in influencing government accounting and reporting. Kaplan Financial Education instructor Allen Fetterman covers the AICPA�s Not-for-Profit Entities Audit and Accounting Guide, which covers everything from financial reporting to revenue recognition to grants and contracts. He reviews the recent March 2019 update and its implication for governmental accountants.

Learning Objectives
Upon successful completion of this segment, you should be able to:

  • Identify how and why the Not-for-Profit Audit and Accounting Guide includes recommendations from the AICPA Financial Reporting Executive Committee (FinREC);
  • Define what a "collaborative arrangement" means in the context of revenue recognition guidance;
  • Distinguish how the American Alliance of Museum's definition of "collection" differs from the FASB codification's definition; and
  • Explain how and why the auditor's responsibilities for "going concern" have shifted in the past few years.

    Catalog Number: CPAR1405-FM
    CPE Credits: 2 Registry / 2 QAS
    Author: CPAR Government/Not-For-Profit
    Advanced Preparation:
    Work experience in government accounting or auditing, or an introductory course in government accounting.
    Course Level: Update
    Field of Study: Accounting - Governmental
    Content Partner: CPAR Government/Not-For-Profit
    QAS: QAS Certified based on 50 minute hours.
    Course Type: Self-Study
    Minimum Passing Grade: 70%
      You are allowed 2 attempts to pass the final exam in a 30 day period. You will be locked out of the final for 30 days after any second failure.
    Soft/Hardware Reqs.:  Adobe Acrobat® Reader for the .pdf files
     56k or Greater Internet Connection
     Modern DHTML Compatible Browser
     Ram: 256 MB minimum
     Sound card with speakers/headphones
     Windows or Mac OS
    Release/Expiration Dates: Aug 02, 2019 / Sep 09, 2021