ACPEN Signature: 2021 Not-for-Profit Accounting, Auditing, & Tax Update

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Archive : ACPEN Signature: 2021 Not-for-Profit Accounting, Auditing, & Tax Update

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Category:

Accounting and Auditing |  ACPEN Signature |  Tax |  IRS Approved

Faculty:

1. Clinton Davis, CPA, JD |  Jeffery D. Mechanick, CPA, M.B.A. |  J. Michael Inzina, CPA, CGFM, CGMA |  Patty Mayer, CPA |  Stacy M. Arruda

Course Levels:

Update

Duration:

8 Hours

License:

Access for 90 day(s) after program date.

The tax laws keep changing and nonprofit entities must continue to adjust to new rules. Fund raising may be helped by more generous temporary charitable deduction rules.  But the IRS attack on syndicated contribution easements continues.  The final Regulations on so-called “siloing” of unrelated business taxable income have been released and there are changes from the proposed regulations.  There are new final Regulations on filing requirements and disclosure of donor information. And there are new final Regulations under Code Section 4960, which imposes an excise tax of 21% on salaries exceeding $1 million paid to certain employees of nonprofit organizations. More changes before this program are likely.

ASU 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, contains changes in reporting requirements that will significantly affect how nonprofits communicate with stakeholders. It is effective for fiscal years beginning after December 15, 2017.  This program will provide an update on some implementation questions that have been raised.

ASU 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, impacts how Not-for-Profit Entities records grants and contributions.  It provides clarification on identifying conditions within grant and contribution agreements.  It is effective for fiscal years beginning after June 15, 2018 for public entities, and after December 15, 2018 for all other entities.  This program will provide an overview of the standard as well as review example transactions.

This program will also provide an overview of other recent standards issued and projects in progress that impact Not-for-Profit entities.

Basic Course Information

Learning Objectives TBD

Major Subjects

TBD

What is Auditing?

Financial auditing is the process of examining an organization’s (or individual’s) financial records to determine if they are accurate and in accordance with any applicable rules (including accepted accounting standards), regulations, and laws.

External auditors come in from outside the organization to examine accounting and financial records and provide an independent opinion on these records. Law requires that all public companies have their financial statements externally audited.

Internal auditors work for the organization as internal employees to examine records and help improve internal processes such as operations, internal controls, risk management, and governance.