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ASU No. 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, is the most significant not-for-profit reporting standard in over 20 years and is now fully effective. To properly implement the new financial reporting model professionals must have a strong, working knowledge of the new requirements. Now is the time to obtain that knowledge! This four-hour morning course explains the new requirements, illustrates how the requirements manifest themselves in the financial statements, and clarifies key options that not-for-profits have in implementing the requirements. The course also examines other key changes affecting not-for-profits including the new revenue recognition and contribution requirements (which apply to 12/31/19 year-ends) and leases (which apply to 12/31/20 year-ends). The course materials utilize a highly illustrative and innovative format to provide an enhanced working knowledge of not-for-profit financial reporting.

Objectives

  • Obtain a working knowledge of the new not-for-profit financial reporting requirements contained in ASU No. 2016-14
  • Skillfully prepare a not-for-profit's financial statements through superior knowledge of reporting requirements
  • Prepare for changes coming in the areas of contributions, revenue recognition and leases

Highlights

  • Changes in the reporting of net assets and how they play out in the statement of financial position and the statement of activities
  • How the reporting of functional and natural expense information has changed
  • The new requirements related to providing liquidity and availability of financial assets information
  • Changes to the statement of cash flows
  • How the new contribution and revenue recognition requirements affect not-for-profits (e.g., the accounting for grants and contracts)
  • How the new lease requirements will affect not-for-profits

Who Will Benefit

Not-for-profit industry professionals and auditors

Credits

Category Amount
Govt. Accounting 4.00
Printed Materials must be ordered at least ten days prior to the start of the class.
Yikes, the time is near. Please call NMSCPA at (505) 246-1699 to register.

Leaders

  • Jack Georger

    John "Jack" Georger, CPA, CIA has served a broad base of clients including port authorities, higher education institutions, community service organizations, foundations, counties, school districts, cities, and employee retirement systems. In addition, the commercial clients he has served include construction, real estate, aerospace, research and development, agricultural and professional service firms. Jack has also consulted on numerous budgets, rate and cost studies for municipal authorities as well as the design and implementation of internal control systems for various entities. Jack is licensed to practice as certified public accountant (CPA) in the states of California, New York, Virginia, Maryland, District of Columbia, South Carolina, Nevada, Connecticut (inactive), Wyoming (inactive), Georgia (inactive) and is a Certified Internal Auditor (CIA). He is a member of the American Institute of Certified Public Accountants, Institute of Internal Auditors, California Society of Certified Public Accountants (CSCPA), New York State Society of Certified Public Accountants, Nevada Society of CPAS, and Government Finance Officers Association. Jack currently serves on the Auditing Standards and Rules Committee, the Not-For-Profit Committee and the Financial Accounting Standard Committee of the NYSSCPA. He is also on the Government Accounting and Auditing Committees of both the NYSSCPA and CSCPA. Jack has been a member of the GFOA Special Review Committee for the Certificate of Achievement for Financial Reporting since 1990. Jack has had the opportunity during his career to audit publicly traded companies, of both accelerated filers under PCAOB Auditing Standards and non-accelerated filers, major cities and counties in the United States, colleges and universities, and some of the largest not-for-profit organizations in the United States. Jack graduated from George Mason University with a degree in Business Administration, he first became a CPA in the state of Connecticut in 1981. He was in private practice in New York, where his firm provided auditing, accounting and tax services to various local governments, not-for-profit organizations, small businesses and individuals for over twenty years. Since selling his practice in 2001, Jack has been an Audit Senior Manager with KPMG, LLP and Pricewaterhouse Coopers, LLP, a partner in a regional firm in Los Angeles, Audit Director with McGladrey and Pullen, LLP and is currently a partner with the Pun Group, LLP

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