Statement of Financial Position: Not-for-Profit Financial Reporting
A not-for-profit (NFP) organization’s statement of financial position (SFP) is a vital tool to communicate information about an organization’s liquidity, financial flexibility and ongoing sustainability. NFPs have unique reporting requirements that differ from other businesses. Identifying how to properly group and classify assets and liabilities will ensure your organization is meeting GAAP requirements.
This CPE course offers you detail-rich examples and case studies that will help you account for common transactions and successfully prepare an NFP’s statement of financial position.
- When you complete this course, you will be able to:
- Determine how to prepare, in accordance with GAAP, a statement of financial position (SFP)
- Identify the most appropriate financial statement format, considering the complexity of the entity
- Determine the effect of a particular transaction or significant event on the reporting entity’s SFP
- Distinguish the reporting of net asset classification in the SFP
- Restricted cash
- Promises to give
- Assets held in charitable trusts
- Net assets
- Agency liabilities
- Obligations under split-interest agreements
- Classified financial statements