Accounting and Auditing Update for Not-for-Profits

Description

Which leases are within the scope of FASB ASC 842, Leases, and what are the basic accounting, financial reporting, and disclosure requirements? This course addresses those questions by focusing on the basic core principles of this major standard. We clarify the essential topics such as the identification, recognition, measurement, presentation, and disclosure requirements for leases. You'll learn to apply the standard by completing engaging case studies incorporated throughout the course. Additionally, you'll explore the lessee accounting model, lease classification, amortization of the right-of-use asset, and the calculation of interest on the lease liability. You'll also examine the accounting model for lessors and key considerations, such as profit recognition and the assessment of collectability.

Highlights

  • Lease classification
  • Amortization of the leased asset
  • Derecognition of the underlying asset
  • Recognition of lease receivables
  • Lease modifications
  • Sale and leaseback transactions

Objectives

  • Recognize arrangements which meet the scope requirements for lease accounting under FASB ASC 842.
  • Recognize accounting requirements for lease modifications under FASB ASC 842.
  • Recognition presentation requirements for lessees and lessors under FASB ASC842.
  • Identify the recognition criteria for sales-type, direct financing, and operating leases.

Designed For

Accountants and finance professionals

Leaders

John D'Amico

John D'Amico, a Partner with Marks Paneth LLP, has over 25 years of experience in providing audit, accounting, and consulting services to not-for-profit organizations and governmental agencies. Prior to joining Marks Paneth John worked at a Big 4 firm and other regional accounting firms. His areas of expertise include Single Audits under Uniform Guidance, government auditing standards, cost allocations, and internal controls.

John has audited a significant number of not-for-profit clients including higher education, social service agencies, religious organizations, professional organizations, and foundations. The majority of these organizations were government-funded agencies.

Some of his clients that he has serviced are Fordham University, Wagner College, NYU Medical School, Cornel University, Wildlife Conservation Society (The Bronx Zoo), Heartshare Human Services, American Arbitration Association, and American Civil Liberties Union (ACLU). Also the City of New York and the New York City Board of Education.

John has authored articles and conducted workshops and numerous seminars on not-for-profit topics, Single Audits, and Government Auditing Standards. John is currently serving as a subject matter expert performing oversights for the AICPA Peer Review Division.

John received a Bachelor of Business Administration degree and a Master of Science degree in Accounting from Pace University. He is a member of the American Institute of Certified Public Accountants and the New?York State Society of Certified Public Accountants. He is licensed to practice in the state of New York.