Liabilities: Not-for-Profit Accounting & Financial Reporting
Learn about the accounting and reporting standards related to the most significant liabilities for many NFPs, including debt instruments and other common liabilities.
Format
Online
NASBA Field of Study
Accounting
Level
Basic
CPE Credits
2
Author(s)
Karen Craig
Availability
1 year
Product Number
165132
This CPE course is included in the comprehensive Not-for-Profit Certificate I Program. It can also be purchased individually or as a part of the Not-for-Profit Accounting and Financial Reporting track.
Accurate reporting of liabilities is essential to presenting a clear picture of a not-for-profit entity's (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.
Note: As of August 1, 2018, course content has been updated to reflect implementation of FASB Accounting Standards Updates (ASUs) effective for most not-for-profit entities for their next financial reporting period, including those related to financial statement presentation (ASU 2016-14) and revenue recognition (ASU 2014-09 and ASU 2018-08).
- Fair value measurement
- Debt instruments
- Taxable and tax-exempt bonds
- Debt extinguishment and modification transactions
- Debt issuance costs
- Pension and other defined benefit postretirement plan obligations
- Other liabilities
- Financial statement presentation and disclosure
- Identify liabilities common to NFPs.
- Recall the accounting for an NFP's debt.
- Recognize the disclosures required for an NFP's liabilities.
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