Description
Offers examples and case studies that will help you account for common transactions and successfully prepare an NFP's statement of financial position.
- Qualifies for 1 Yellow Book CPE Credits
Objectives
- Determine how to prepare, in accordance with GAAP, a statement of financial position (SFP).
- Identify the most appropriate financial statement format, considering the complexity of the entity.
- Determine the effect of a particular transaction or significant event on the reporting entity's SFP.
- Distinguish the reporting of net asset classification in the SFP.
Highlights
- Restricted cash
- Promises to give
- Investments
- Assets held in charitable trusts
- Endowments
- Net assets
- Agency liabilities
- Obligations under split-interest agreements
- Classified financial statements