Liabilities: Not-for-Profit Accounting & Financial Reporting
Accurate reporting of liabilities is essential to presenting a clear picture of a not-for-profit entities (NFP’s) financial health. Creditors, constituents and other users of an NFP’s financial statements rely on the information regarding an organization’s liabilities to assess its short-term and long-term sustainability. In addition, an NFP’s role in providing societal benefits and its tax-exempt status raises unique issues for NFPs that issue debt instruments, such as bonds, to raise funds for operations or to construct program facilities.
In this CPE course, you will learn about the accounting and reporting standards related to the most significant liabilities for many NFPs, including debt instruments such as notes and bonds, pension and other postretirement plan obligations, and other liabilities common to NFPs. In addition, this course discusses financial statement presentation and required note disclosures related to debt. You will work through several scenarios and examples.
- When you complete this course, you will be able to:
- Identify liabilities common to NFPs
- Recall the accounting for an NFP’s debt
- Recognize the disclosures required for an NFP’s liabilities
- Fair Value Measurement
- Debt instruments
- Taxable and tax-exempt bonds
- Debt extinguishment and modification transactions
- Debt issuance costs
- Pension and other defined benefit post-retirement plan obligations
- Other liabilities
- Financial statement presentation and disclosure