This particular course focuses on the changes relevant to the statement of activities, statement of cash flows, disclosures for expenses, and investment expenses.
December 31, 2018 will see significant changes to not-for-profit (NFP) financial reporting as ASU 2016-14, Presentation of Financial Statements of Not-for-Profit entities becomes effective. It is essential to understand the various aspects of the Accounting Standards Update (ASU).
The previous reporting requirements for Not-for-Profit entities fell under the Financial Accounting Standards Board (FASB) Statement of Financial Accounting Standards (FAS) No. 116 and 117, issued in 1993. In November 2011, the FASB announced two projects intended to improve the financial reporting of not-for-profit entities. This was the first change to reporting in over 20 years.
The FASB views ASU 2016-14 as Phase 1—the beginning of guidance to result from its multiyear review of the not-for-profit financial reporting model. There are critical enhancements to the reporting process which all not-for-profit entities should be aware of including:
Changes in net asset classification Changes in investment returns Changes in reporting of expenditures Changes in reporting and disclosing liquidity and cash flow Changes to the physical financial statements of the not-for-profit entity
This course reviews the new requirements and provides examples on how they will impact not-for-profit financials. This particular course focuses on the changes relevant to the statement of activities, statement of cash flows, disclosures for expenses, and investment expenses.
Field of Study: Accounting
Lynn Fountain has over 45 years of experience spanning public accounting, corporate accounting and consulting. 24 years of her experience has been working in the areas of internal and external auditing. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Ms. Fountain has held two Chief Audit Executive positions for international companies. In 2011, as the Chief Audit Executive for an international construction/ engineering firm, she was involved in the active investigation of a joint venture fraud. The investigation included work with the FBI and ultimately led to indictment of the perpetrators and recovery of $13M. Ms. Fountain is currently engaged in her own training and consulting business and is a regular trainer for the AICPA. Ms. Fountain is the author of three separate technical books. “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations” was published by the Institute of Internal Auditors Research Foundation. -“Leading The Internal Audit Function” and -“Ethics and The Internal Auditor Political Dilemma” were published by Taylor & Francis In addition Ms. Fountain was a contributing author to the certification program exam for the National Association of Accountants. She also has certificate programs on various on-line platforms. Ms. Fountain has performed as an adjunct instructor for the School of Business for Grantham University and developed the first internal audit curriculum for the School of Business at the University of Kansas. Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CGMA, CRMA credentials and CPA certificate (non-active).
