OasisLMS

This course focuses on fair value measurement issues specific to NFPs guided by accounting standards that provide a framework for measuring fair value.

Some of the accounts a not-for-profit entity (NFP) may measure at fair value include the following:

• Noncash contributions received (gifts-in-kind)
• Financial assets held as an agent
• Split-interest agreements
• Beneficial interest in a trust
• Certain investments
• Derivative instruments
• Impairment losses for long-lived assets
• Asset retirement obligations
• Guarantee obligations
• Exit and disposal costs
• Nonmonetary transactions
• Transfers of financial assets
• Financial assets or liabilities

Learning Outcomes

• Recall the definition of fair value.
• Identify the three most common techniques used to establish fair value.
• Recognize fair value measurement of promises to give and gifts-in-kind.
• Recall techniques used to measure fair value of trusts.
• Recognize special considerations related to split-interest agreements.

Key Topics

• Noncash contributions received (gifts-in-kind)
• Financial assets held as an agent
• Split-interest agreements
• Beneficial interest in a trust
• Certain investments
• Derivative instruments
• Impairment losses for long-lived assets
• Asset retirement obligations
• Guarantee obligations
• Exit and disposal costs
• Nonmonetary transactions
• Transfers of financial assets
• Financial assets or liabilities

Who Will Benefit

• New accountants interested in the basics of accounting and financial reporting requirements that apply to not-for-profit entities.
• Experienced accountants that are new to the not-for-profit industry or are in need of a refresher on the basics of accounting and financial reporting requirements that apply to not-for-profit entities.