ASU 2016-14: Presentation of Financial Statements for Not-for-Profit Entities (“ASU”) was released August 18, 2016 by the Financial Accounting Standards Board (“FASB”) and is effective for fiscal years beginning after December 15, 2017. The issuance of this new ASU represents a fundamental financial statement reporting change for not-for-profit entities which has not occurred in over 20 years. This webinar attempts to convey the most recent accounting developments that will impact the presentation of the financial statements. Topics to be covered include: revised net asset classifications, liquidity and availability, expense reporting, investment return and statement of cash flows.
Discuss implementation of ASU 2016-14.
Review samples of reporting changes to NFP financial statements required by ASU 2016-14.
Discuss important points to convey in management and board meetings.
Alexander Buchholz is a Partner at PKF O’Connor Davies with over 15 years experience in public accounting, including with a “Big Four” accounting firm.
Alex is responsible for the development of the audit approach, supervision of staff, and the establishment and maintenance of the engagement budget. Additionally, he is responsible for the coordination of staff and management so that the audit is performed on a timely basis with as little intrusion to client operations as possible.
His expertise is in Single Audits, internal control/compliance audits and specialized cost reporting. His industry experience is in healthcare and not-for- profit entities, including skilled nursing facilities, social service agencies, charter schools, diagnostic and treatment centers, home care service entities, adult homes and other long-term care facilities, special needs entities, and cemeteries.
Alex is also an adjunct professor at Brooklyn College of the City University of New York in the Department of Accounting where he teaches undergraduate and graduate courses in accounting and auditing. He also teaches at the School of Professional Studies of the City University of New York for the Online Business Management Department and at Mercy College and Lehman College.
He conducts internal training seminars for the Firm and frequently speaks at outside organizations and associations. He is also a former member of the Firm’s continuing professional education (CPE) committee, with special emphasis on Single Audit training. Alex has written many articles on accounting and auditing topics for a variety of professional publications.
CPAacademy.org (Sponsor Id#: 111889) 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.
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PKF O'Connor Davies is a new breed of accounting and advisory firm that holds itself to a higher standard – going beyond passive value calculation to active value creation.
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