About this course
FAR - 6 provides a comprehensive overview of the accounting principles and financial reporting requirements for Not-for-Profit (NFP) organizations and governmental entities under U.S. GAAP. This module covers the unique financial reporting frameworks established by the Financial Accounting Standards Board (FASB) for NFPs and the Governmental Accounting Standards Board (GASB) for state and local governments. Students will learn about fund accounting, financial statement presentation, revenue recognition, contributions, expenditures, and compliance with reporting standards.
Key Topics Covered:
Not-for-Profit (NFP) Accounting
- Characteristics and Reporting Requirements of NFP Organizations
- Financial Statements for NFPs (Statement of Financial Position, Activities, and Cash Flows)
- Revenue Recognition for Contributions and Exchange Transactions
- Donor Restrictions (With and Without Donor Restrictions)
- Functional Expense Reporting and Program vs. Support Activities
Governmental Accounting
- Fund Accounting and the Different Types of Governmental Funds
- Modified Accrual vs. Full Accrual Accounting Methods
- Governmental Fund Financial Statements (Balance Sheet and Statement of Revenues, Expenditures, and Changes in Fund Balances)
- Proprietary and Fiduciary Funds
- Budgetary Accounting and Encumbrances
- Government-Wide Financial Statements and Reconciliation to Fund Financials
This course equips CPA candidates with the technical knowledge required to navigate NFP and governmental accounting principles, ensuring compliance with FASB and GASB standards while preparing them for entity-specific questions on the CPA FAR exam.
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FAR - 6 (Not-for-Profit Financial Reporting – Part 1) provides an introduction to the financial reporting framework for not-for-profit (NFP) organizations under U.S. GAAP, as established by the Financial Accounting Standards Board (FASB). This module covers the unique financial statement presentation requirements, net asset classifications, and revenue recognition principles specific to NFP entities. Students will learn how to prepare and analyze the statement of financial position, statement of activities, and statement of cash flows while ensuring compliance with FASB ASC 958.
Key Topics Covered:
Overview of Not-for-Profit (NFP) Financial Reporting Under FASB ASC 958
Financial Statements for NFP Organizations:
Statement of Financial Position (Balance Sheet)
Statement of Activities (Income Statement)
Statement of Cash Flows (Direct vs. Indirect Method)
Net Asset Classifications:
Without Donor Restrictions
With Donor Restrictions
Revenue Recognition for Contributions, Grants, and Exchange Transactions
Basic Disclosures and Compliance with GAAP
This course equips CPA candidates with a strong foundation in NFP financial reporting, ensuring they can properly prepare and interpret financial statements in accordance with FASB standards while preparing for not-for-profit-related questions on the CPA FAR exam.
FAR - 6 (Not-for-Profit Financial Reporting – Part 1) provides an introduction to the financial reporting framework for not-for-profit (NFP) organizations under U.S. GAAP, as established by the Financial Accounting Standards Board (FASB). This module covers the unique financial statement presentation requirements, net asset classifications, and revenue recognition principles specific to NFP entities. Students will learn how to prepare and analyze the statement of financial position, statement of activities, and statement of cash flows while ensuring compliance with FASB ASC 958.
Key Topics Covered:
Overview of Not-for-Profit (NFP) Financial Reporting Under FASB ASC 958
Financial Statements for NFP Organizations:
Statement of Financial Position (Balance Sheet)
Statement of Activities (Income Statement)
Statement of Cash Flows (Direct vs. Indirect Method)
Net Asset Classifications:
Without Donor Restrictions
With Donor Restrictions
Revenue Recognition for Contributions, Grants, and Exchange Transactions
Basic Disclosures and Compliance with GAAP
This course equips CPA candidates with a strong foundation in NFP financial reporting, ensuring they can properly prepare and interpret financial statements in accordance with FASB standards while preparing for not-for-profit-related questions on the CPA FAR exam.
FAR - 6 (Not-for-Profit Financial Reporting – Part 1) provides an introduction to the financial reporting framework for not-for-profit (NFP) organizations under U.S. GAAP, as established by the Financial Accounting Standards Board (FASB). This module covers the unique financial statement presentation requirements, net asset classifications, and revenue recognition principles specific to NFP entities. Students will learn how to prepare and analyze the statement of financial position, statement of activities, and statement of cash flows while ensuring compliance with FASB ASC 958.
Key Topics Covered:
Overview of Not-for-Profit (NFP) Financial Reporting Under FASB ASC 958
Financial Statements for NFP Organizations:
Statement of Financial Position (Balance Sheet)
Statement of Activities (Income Statement)
Statement of Cash Flows (Direct vs. Indirect Method)
Net Asset Classifications:
Without Donor Restrictions
With Donor Restrictions
Revenue Recognition for Contributions, Grants, and Exchange Transactions
Basic Disclosures and Compliance with GAAP
This course equips CPA candidates with a strong foundation in NFP financial reporting, ensuring they can properly prepare and interpret financial statements in accordance with FASB standards while preparing for not-for-profit-related questions on the CPA FAR exam.
FAR - 6 (Not-for-Profit Financial Reporting – Part 1) provides an introduction to the financial reporting framework for not-for-profit (NFP) organizations under U.S. GAAP, as established by the Financial Accounting Standards Board (FASB). This module covers the unique financial statement presentation requirements, net asset classifications, and revenue recognition principles specific to NFP entities. Students will learn how to prepare and analyze the statement of financial position, statement of activities, and statement of cash flows while ensuring compliance with FASB ASC 958.
Key Topics Covered:
Overview of Not-for-Profit (NFP) Financial Reporting Under FASB ASC 958
Financial Statements for NFP Organizations:
Statement of Financial Position (Balance Sheet)
Statement of Activities (Income Statement)
Statement of Cash Flows (Direct vs. Indirect Method)
Net Asset Classifications:
Without Donor Restrictions
With Donor Restrictions
Revenue Recognition for Contributions, Grants, and Exchange Transactions
Basic Disclosures and Compliance with GAAP
This course equips CPA candidates with a strong foundation in NFP financial reporting, ensuring they can properly prepare and interpret financial statements in accordance with FASB standards while preparing for not-for-profit-related questions on the CPA FAR exam.
FAR - 6 (Not-for-Profit Financial Reporting – Part 1) provides an introduction to the financial reporting framework for not-for-profit (NFP) organizations under U.S. GAAP, as established by the Financial Accounting Standards Board (FASB). This module covers the unique financial statement presentation requirements, net asset classifications, and revenue recognition principles specific to NFP entities. Students will learn how to prepare and analyze the statement of financial position, statement of activities, and statement of cash flows while ensuring compliance with FASB ASC 958.
Key Topics Covered:
Overview of Not-for-Profit (NFP) Financial Reporting Under FASB ASC 958
Financial Statements for NFP Organizations:
Statement of Financial Position (Balance Sheet)
Statement of Activities (Income Statement)
Statement of Cash Flows (Direct vs. Indirect Method)
Net Asset Classifications:
Without Donor Restrictions
With Donor Restrictions
Revenue Recognition for Contributions, Grants, and Exchange Transactions
Basic Disclosures and Compliance with GAAP
This course equips CPA candidates with a strong foundation in NFP financial reporting, ensuring they can properly prepare and interpret financial statements in accordance with FASB standards while preparing for not-for-profit-related questions on the CPA FAR exam.
FAR - 6 (Not-for-Profit Financial Reporting – Part 1) provides an introduction to the financial reporting framework for not-for-profit (NFP) organizations under U.S. GAAP, as established by the Financial Accounting Standards Board (FASB). This module covers the unique financial statement presentation requirements, net asset classifications, and revenue recognition principles specific to NFP entities. Students will learn how to prepare and analyze the statement of financial position, statement of activities, and statement of cash flows while ensuring compliance with FASB ASC 958.
Key Topics Covered:
Overview of Not-for-Profit (NFP) Financial Reporting Under FASB ASC 958
Financial Statements for NFP Organizations:
Statement of Financial Position (Balance Sheet)
Statement of Activities (Income Statement)
Statement of Cash Flows (Direct vs. Indirect Method)
Net Asset Classifications:
Without Donor Restrictions
With Donor Restrictions
Revenue Recognition for Contributions, Grants, and Exchange Transactions
Basic Disclosures and Compliance with GAAP
This course equips CPA candidates with a strong foundation in NFP financial reporting, ensuring they can properly prepare and interpret financial statements in accordance with FASB standards while preparing for not-for-profit-related questions on the CPA FAR exam.
FAR - 6 (Not-for-Profit Financial Reporting – Part 1) provides an introduction to the financial reporting framework for not-for-profit (NFP) organizations under U.S. GAAP, as established by the Financial Accounting Standards Board (FASB). This module covers the unique financial statement presentation requirements, net asset classifications, and revenue recognition principles specific to NFP entities. Students will learn how to prepare and analyze the statement of financial position, statement of activities, and statement of cash flows while ensuring compliance with FASB ASC 958.
Key Topics Covered:
Overview of Not-for-Profit (NFP) Financial Reporting Under FASB ASC 958
Financial Statements for NFP Organizations:
Statement of Financial Position (Balance Sheet)
Statement of Activities (Income Statement)
Statement of Cash Flows (Direct vs. Indirect Method)
Net Asset Classifications:
Without Donor Restrictions
With Donor Restrictions
Revenue Recognition for Contributions, Grants, and Exchange Transactions
Basic Disclosures and Compliance with GAAP
This course equips CPA candidates with a strong foundation in NFP financial reporting, ensuring they can properly prepare and interpret financial statements in accordance with FASB standards while preparing for not-for-profit-related questions on the CPA FAR exam.
FAR - 6 (Not-for-Profit Financial Reporting – Part 1) provides an introduction to the financial reporting framework for not-for-profit (NFP) organizations under U.S. GAAP, as established by the Financial Accounting Standards Board (FASB). This module covers the unique financial statement presentation requirements, net asset classifications, and revenue recognition principles specific to NFP entities. Students will learn how to prepare and analyze the statement of financial position, statement of activities, and statement of cash flows while ensuring compliance with FASB ASC 958.
Key Topics Covered:
Overview of Not-for-Profit (NFP) Financial Reporting Under FASB ASC 958
Financial Statements for NFP Organizations:
Statement of Financial Position (Balance Sheet)
Statement of Activities (Income Statement)
Statement of Cash Flows (Direct vs. Indirect Method)
Net Asset Classifications:
Without Donor Restrictions
With Donor Restrictions
Revenue Recognition for Contributions, Grants, and Exchange Transactions
Basic Disclosures and Compliance with GAAP
This course equips CPA candidates with a strong foundation in NFP financial reporting, ensuring they can properly prepare and interpret financial statements in accordance with FASB standards while preparing for not-for-profit-related questions on the CPA FAR exam.
FAR - 6 (Not-for-Profit Financial Reporting – Part 1) provides an introduction to the financial reporting framework for not-for-profit (NFP) organizations under U.S. GAAP, as established by the Financial Accounting Standards Board (FASB). This module covers the unique financial statement presentation requirements, net asset classifications, and revenue recognition principles specific to NFP entities. Students will learn how to prepare and analyze the statement of financial position, statement of activities, and statement of cash flows while ensuring compliance with FASB ASC 958.
Key Topics Covered:
Overview of Not-for-Profit (NFP) Financial Reporting Under FASB ASC 958
Financial Statements for NFP Organizations:
Statement of Financial Position (Balance Sheet)
Statement of Activities (Income Statement)
Statement of Cash Flows (Direct vs. Indirect Method)
Net Asset Classifications:
Without Donor Restrictions
With Donor Restrictions
Revenue Recognition for Contributions, Grants, and Exchange Transactions
Basic Disclosures and Compliance with GAAP
This course equips CPA candidates with a strong foundation in NFP financial reporting, ensuring they can properly prepare and interpret financial statements in accordance with FASB standards while preparing for not-for-profit-related questions on the CPA FAR exam.
