General-Purpose Financial Statements for NFP Entities

Learn the fundamentals of US GAAP financial reporting for non-governmental, not-for-profit entities and develop a practical understanding of the key Accounting Standards Codification (ASC) topics relevant to financial statement preparation and presentation.

This course provides a structured introduction to ASC 958 and related guidance covering the financial reporting framework for not-for-profit organizations. You will explore how financial information is presented, classified, disclosed, and reported across the key financial statements.

Throughout the course, you will gain an understanding of ASC 205, ASC 210, ASC 220, ASC 230, ASC 235, and ASC 810, along with their relevance to not-for-profit financial reporting.

You will begin with an overview of financial statements for non-governmental, not-for-profit entities and then explore the Statement of Financial Position, including its structure and key components. The course also covers the Statement of Activities, including major operating activities, peripheral or incidental events, sequencing, and general classifications under applicable guidance.

You will also learn about the Statement of Cash Flows and its role in presenting the cash activities of a not-for-profit organization. The course further covers Notes to Financial Statements, including accounting policies, the nature of organizational activities, revenue sources, net asset classifications, and related-party transactions.

In addition, the course provides an overview of consolidation and reporting considerations under ASC 810.

This course is suitable for accounting and finance students, US GAAP learners, accounting professionals, finance professionals, and US CPA aspirants who want to strengthen their understanding of financial reporting for not-for-profit entities.

By the end of this course, you will have a stronger foundation in NFP financial reporting and the relevant ASC guidance under US GAAP.