The Most Critical Challenges in Not-for-Profit Accounting Today

Description

In recent years, not-for-profits have applied critical new standards related to contributions of nonfinancial assets, leases, and more. However, with all the focus on the new stuff, have we forgotten any of the old stuff? FASB ASC 958 has a great deal to say about various accounting and reporting issues in the form of its implementation guidance and illustrations. Not knowing this guidance can result in lost time and erroneous applications of GAAP. In this course, we will review some of the most critical illustrative not-for-profit guidance issued by the FASB.

Highlights

  • Key issues related to not-for-profit financial reporting (e.g., presenting a measure of operations, various disclosures, concentrations of risk, and etc.)
  • Key challenges encountered in not-for-profit accounting (e.g., contributed services, restricted contributions, conditional contributions, membership dues, noncash contributions, and etc.)
  • Additional issues in not-for-profit financial reporting

Objectives

  • Identify the critical changes occurring in not-for-profit accounting today
  • Skillfully implement today's most challenging FASB standards affecting not-for-profits
  • More effectively audit not-for-profit entities through superior knowledge of key accounting issues

Designed For

Not-for-profit industry professionals and auditors

Leaders

Martha Lindley

As a national speaker, Martha is a sought-after speaker on nonprofit topics, including presenting at the Colorado, Oregon and Washington Society’s CPA Conferences. She has earned Surgent Outstanding Discussion Leader Award twice. Comments emphasized her knowledge of the topic and sense of humor, which made the classes informative and enjoyable. Martha specializes in governmental entities and not-for-profit organizations, especially those requiring audits under Uniform Guidance. Her government experience includes state (technical colleges), municipal (county and city), and local (school districts and water districts). Her not-for-profit experience includes social service agencies, housing projects, and foundations. She has an extensive background in internal control assessment and fraud/forensic accounting. Martha worked with one of the top 100 CPA firms in the United States before beginning her own practice in 2000 to specialize in organizations receiving federal and grant funding. Having performed over 2,000 nonprofit and governmental audits and written 2,000 sets of financial statements, her experience is extensive. With two bachelor’s degrees – and three majors: accounting, finance, and clinical psychology – she both teaches and engages class participants with cognitive learning skills. Martha is a member of the AICPA, the Washington Society of CPAs, the AICPA Government Audit Quality Center, the AICPA Nonprofit Sector, the AICPA Employee Benefit Audit Quality Center, and the WSCPA Nonprofit Committee.