ASNFPO - Disclosure and Presentation
CPD Hours: 7 |
Overview:
Not-for-profit organizations (NFPOs) have become increasingly complex as they expand into different areas, offer new services, and grow in a competitive environment. This added complexity creates the need to increase and expand financial statement disclosures to ensure that users of financial statements obtain relevant and valuable information. Accordingly, this course addresses such a need by providing a broad review of financial statement presentation and note disclosure requirements under Part III- Accounting Standards for Not-for-Profit Organizations (ASNFPO) and relevant disclosures from Part II - Accounting Standards for Private Enterprises (ASPE).
This course will serve as a comprehensive review of the presentation and disclosure requirements faced by a not-for-profit organization when it applies ASNFPO and relevant ASPE standards. You will review a variety of examples and learn to apply the disclosure requirements for a number of different areas that NFPOs regularly deal with.
This course will provide a broad review of financial statement presentation and note disclosure requirements under Part III- Accounting Standards for Not-for-Profit Organizations (ASNFPO) and relevant disclosures from Part II - Accounting Standards for Private Enterprises (ASPE). You will review a number of examples of disclosures and engage in activities to identify issues and improve disclosures. Different presentation methods (restricted fund vs. deferral method) and the impact on presentation will also be discussed.
Course Content:
In this course, you will gain knowledge about the following topics:
- Concepts that drive the presentation and disclosure requirements
- Statement of operations presentation and related disclosures
- Statement of financial position presentation and related disclosures, e.g. financial instruments
- Statement of changes in net assets
- Statement of cash flow presentation and related disclosures
- Choosing a presentation methodology and understanding the different methods for accounting for contributions
- Review of sample financial statements using real-world examples
- Disclosure of significant accounting policies
- Financial instruments
- Inventories
- Controlled and related entities
- Tangible and intangible capital assets and collections held by a not-for-profit organization
- Employee future-benefits
- Other revenues and contributions
- Allocated expenses and interfund inter-fund transfers
- Related party transactions
- COVID-19 considerations and Handbook standards to consider
- Ongoing projects and potential impact of changes
Learning Objectives:
Upon completing this course, you should be able to:
- Identify and analyze accounting issues specific to NPOs and determine the appropriate disclosures required
- Identify where policy choice exists and determine the appropriate level of disclosure required to communicate those choices to the user of the financial statements
- Interpret facts and scenarios to determine the appropriate presentation and disclosure
Who Will Benefit:
Professionals at all levels involved in the preparation and review of NFPO financial statements. Government-controlled NFPOs must follow the Public Sector Accounting Handbook, which will not be addressed in this seminar.
More Information
| Competency | Accounting |
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