The new Financial Accounting Standards Board, Accounting Standard Update (ASU) 2016-14, Not-For-Profit Entities (Topic 958), Presentation of Financial Statements of Not-For-Profit Entities requires NFPs to disclose the methodology for allocating costs in the notes of the financial statements.
Since Nonprofit charity revenues are typically based on contributions from donors to cover programmatic expenses and overhead expenses, recording and allocating those expenses has become an important step in determining functional expenses. The purpose of this webinar is to discuss the concepts of cost allocation and the new disclosure requirements.
Webinar Learning Objectives:
- Understand how to identify allocable cost, overhead expenses, and various allocation methodologies.
- Understand the new reporting requirement for reporting expenses in a NFPs financial statements
- Recognize the new disclosure requirements related to allocation of expenses
Delivery: The webinar will be delivered via the BDO Online CPE Network
Advanced Prep: None
Credits: 2 CPE credits in the field of Accounting
Program Level: Overview
BDO USA, LLP is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org