Although many of the assets that an NFP holds are the same as those held by a for-profit entity, there are also many differences. Those differences stem from the fact that NFPs exist for purposes other than to provide goods and services at a profit. They exist to provide a benefit to society, and as a result, they give and receive goods and services in ways that for-profit entities do not.
This course highlights the required presentation and disclosures for several asset types arising from the unique operations of NFPs, including contributions receivable, collections, historical treasures, property and equipment, and goodwill.
Who Will Benefit
- New accountants interested in the basics of accounting and financial reporting requirements that apply to not-for-profit entities.
- Experienced accountants that are new to the not-for-profit industry or are in need of a refresher on the basics of accounting and financial reporting requirements that apply to not-for-profit entities.
Key Topics
- Contributions receivable
- Collections
- Historical treasures
- Property and equipment
- Goodwill
Learning Outcomes
- Identify the proper accounting treatment for contributions receivable.
- Recall options for recognizing collections, works of art, and historical treasures.
- Recognize accounting options related to property and equipment and other noncurrent assets.
- Recognize financial statement presentation and disclosures related to assets.