Mind the GAAP: NFP Edition

Overview

— — This 75-minute session will provide an in-depth analysis of pivotal court decisions and their practical implications, ensuring you are well-equipped with the knowledge needed to make informed decisions in your practice. The conference is tailored to equip CPAs and attorneys with the expertise to navigate family law cases effectively. It is focused on the critical role of CPAs in managing intricate financial matters during divorce, child support, and asset division. This session was recorded at the 2024 Family Law Virtual Conference on October 17, 2024.

Highlights

• financial analysis
• revenue recognition standards
• GAAP compliance
• financial reporting

Objectives

• Identify the relevant FASB Codification topics (e.g., 958, 606, 842) that govern not — for — profit reporting and the situations in which industry — specific guidance overrides general GAAP.
• Distinguish conditional from unconditional contributions and indicate the correct balance — sheet and revenue — recognition treatment for each funding type.
• Recall the required presentation formats for the statement of activities, cash — flow statement, and statement of functional expenses, and recognize the misclassifications that most often appear in practice.
• Select the proper classifications for cash equivalents, leases, board — designated versus donor — restricted net assets, and non — cash gifts, and estimate the internal — control actions needed to prevent related reporting deficiencies.

Notice

This is a self-study/on demand course offered by a 3rd party vendor and will NOT be accessible in the My Upcoming CPE section of the ISCPA website. Course access information will be emailed directly to you by CalCPA. The course expires one year from the purchase date. Format = Online Self-Study.