FASB Standard Updates - Frequently Asked Questions

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The Certificate programs were updated to reflect the significant standards that are becoming effective, including not-for-profit financial statement presentation (FASB ASU 2016-14) and revenue recognition (FASB ASU 2014-09 and FASB ASU 2018-08).

The changes required by these newly effective standards will have a large impact on all NFPs in terms of how they record transactions and the appearance and information provided in their financial statements.

This update is critical to your understanding of NFP accounting and financial reporting because the changes apply to all NFPs and affect how their revenue is recognized, how their financial statements are prepared, and what information their financial statements contain.

All NFPs for the financial statement standard and NFPs who receive grants from the government or foundations for the revenue recognition standards.

As of August 1, 2018, courses impacted were removed and replaced with updated courses.

If you did not complete the entire certificate program by July 31, 2018, you are required to complete the updated courses to receive your certificate. You must complete the updated courses even if you completed the previous version of the course prior to the update.

Only the courses listed above are affected. Any other courses that you have already completed will not need to be completed again.

Once you have completed a course and claimed CPE credit for that course, you may not be permitted to claim CPE credit for taking the updated course. We recommend that you do not claim credit for taking both the original and updated versions of a course because the determination about whether there is a sufficient level of change to be considered a new course varies between jurisdictions. If you choose to claim credit for both versions of an updated course, we cannot guarantee that both will be accepted by your licensing authority.

Yes, this is a great time to buy Not-for-Profit Certificate Program! The certificate will provide you with a comprehensive overview of NFP financial accounting, management and governance, compliance, and assurance, including newly applicable standards. Other benefits of the program include:

  • Affordable, on-demand CPE that can be taken at your own pace over two years
  • Up-to-date NFP-specific knowledge you can apply today
  • A certificate and digital badge that will set you apart and showcase your expertise and commitment to serving the NFP industry.

If you have any questions, please contact the Member Service Center at 888.777.7077 or service@aicpa.org.