OasisLMS

This course covers the basics of financial statement presentation for not-for-profit entities (NFPs). A complete set of NFP financial statements includes:

• Statement of financial position
• Statement of activities
• Statement of cash flows
• Accompanying notes to the financial statements

In addition, this course covers the requirement to report all expenses by nature and function in one location — on the face of the statement of activities, as a schedule in the notes to financial statements, or in a separate financial statement.

The course also includes illustrative financial statements for a fictional NFP.

Learning Outcomes

• Identify the basic financial statements prepared by NFPs.
• Recognize components of a statement of financial position.
• Recognize components of a statement of activities.
• Recognize components of a statement of cash flows.
• Recognize components of a statement of functional expenses.
• Identify unique NFP disclosure requirements.

Key Topics

• Statement of financial position
• Statement of activities
• Statement of cash flows
• Accompanying notes to the financial statements

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.