Learn to distinguish income tax and non income tax contingencies, ensure proper disclosure, and assess compliance risks.
Accounting for contingencies in nonprofit financial statements has long been required by the Financial Accounting Standards Board. But the distinction between income taxes, addressed in ASC 740 and contingencies, addressed in ASC 450 have muddied the waters for nonprofits. Tendencies have leaned toward insufficient analysis of non income tax contingencies that should be disclosed. This presentation will help the persons responsible for accurate, timely and transparent financials for nonprofit organizations to define and distinguish between income tax contingencies and non income tax contingencies, establish methodologies for accrual and/or disclosure and to properly record and/or disclose all income tax liabilities and contingencies in the financial statements. Additionally, the nonprofit financial professional will be able to assess the risks related to non-compliance in these matters.
Learning Objectives
- You will be able to define nonincome tax contingencies.
- You will be able to explain the differences between contingencies and income taxes for nonprofits.
- You will be able to to recognize the criteria for probable, reasonably possible and remote contingencies and how each are accrued or disclosed.
- You will be able to discuss elements for proper disclosure of contingencies in the financial statements.
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Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
| Introduction | |
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| Understanding Nonincome Tax Contingencies | |
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| Relevant Accounting Standards | |
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| Disclosure Requirements | |
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| Common Challenges and Risks | |
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| Best Practices for Compliance | |
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| Q&A | |
| Conclusion | |
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Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
Live Webinar Registration
- AR CLE 1.0
- This course has been approved for 1.0 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.0
- The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.0
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
- CT CLE 1.0
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
- HI CLE 1.0
- This program was approved by the Hawaii State Board of Continuing Legal Education for 1.0 VCLE credit hours.
- MN CLE 1.0 (Pending)
- This program has been submitted to the Minnesota Board of Continuing Legal Education. Approval pending.
- NH MCLE 1.0
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 60 Minutes.
- NJ CLE 1.3
- This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.3 hours of total CLE credit.
- PA CLE 1.0
- This program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 hours of substantive law, practice and procedure CLE credit.
- RI CLE 1.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
- VT CLE 1.0
- This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hours of CLE credit.
- WI CLE 1.0
- This program has been approved by the Board of Bar Examiners for 1.0 hours for use toward the Wisconsin Mandatory CLE requirement.
- WV MCLE 1.3
- This program has been approved by the West Virginia State Bar MCLE Commission for 1.3 MCLE hours.
CPE 1.2 including Management Services 1.2
- Noggin Guru, Inc. dba Lorman Education Services and BankersHub 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 web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.2 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Management Services for 1.2 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
OnDemand Course
This course was last revised on February 12, 2013.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
Who should attend?
This live webinar is designed for executive directors, accountants, directors, officers, controllers, CFOs, tax managers, government officials, and attorneys.
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Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Jerry Frick, MBA, ACNPS
All In One Accounting
- Director, Operations - Controller/CFO at All In One Accounting, a strategic accounting team that advises entrepreneurs on profitable growth and helps nonprofit leaders amplify their impact
- Has delivered in-person presentations and webinars for organizations such as the Minnesota Council of Nonprofits, Pennsylvania Association of Nonprofit Organizations, Community Foundation of North Central Wisconsin, Nonprofit Leadership Alliance, and Associations North Executive Edge Conference
- Appeared on podcasts including Tony Martignetti Nonprofit Radio and the Nonprofit Leadership Podcast with Dr. Rob Harter
- Authored various articles and guides focused on Nonprofit topics for AIOA’s website
- Member of Nonprofit Leadership Alliance – Advanced Nonprofit Certified Professional (ACNP) and Nonprofit Finance Group
- M.S Degree in accounting, University of Phoenix, Phoenix, AZ; B.A. Degree in accounting/management, Anderson University, Anderson, IN
- Can be contacted at [email protected] or 651-374-4471
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Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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