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General-Purpose Financial Statements for NFP Entities
New
10 students

General-Purpose Financial Statements for NFP Entities

Financial Reporting Essentials for Non-Governmental, Not-for-Profit Entities
Created byDr. Kamal Chhabra (US CPA & CA)
Last updated 9/2026
English

What you'll learn

  • Comprehensive understanding of Accounting Standards Codifications (ASC).
  • ASC 958: Guidelines for Not-for-Profit Organizations.
  • ASC 205: Presentation of Financial Statements.
  • ASC 210: Structure and components of the Balance Sheet.
  • ASC 220: Principles for preparing the Income Statement.
  • ASC 230: Crafting the Statement of Cash Flows.
  • ASC 235: Notes to Financial Statements and their importance.
  • ASC 810: Consolidation rules and reporting.

Course content

6 sections • 6 lectures • 1h 37m total length

  • Overview1:59

    In this series, we will explore key Accounting Standards Codifications (ASC) in detail to help you gain a deeper understanding of essential concepts. Here's what we will cover:

    • ASC 958: Guidelines for Not-for-Profit Organizations.

    • ASC 205: Presentation of Financial Statements.

    • ASC 210: Structure and components of the Balance Sheet.

    • ASC 220: Principles for preparing the Income Statement.

    • ASC 230: Crafting the Statement of Cash Flows.

    • ASC 235: Notes to Financial Statements and their importance.

    • ASC 810: Consolidation rules and reporting.

Requirements

  • Basic understanding of accounting and financial statements is recommended.
  • Familiarity with US GAAP is helpful but not mandatory.
  • No prior experience with not-for-profit accounting is required.
  • Basic knowledge of debits, credits, assets, liabilities, revenues, and expenses will be beneficial.
  • Suitable for accounting students, finance professionals, and US CPA aspirants who want to build their understanding of NFP financial reporting.

Description

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.

Who this course is for:

  • US CPA aspirants preparing for Financial Accounting & Reporting concepts.
  • Accounting and finance students who want to understand US GAAP financial reporting.
  • Accounting professionals working with or learning about not-for-profit entities.
  • Finance professionals who want to strengthen their knowledge of US GAAP and ASC guidance.
  • Professionals working with non-governmental, not-for-profit organizations and their financial statements.
  • Anyone looking to build a strong foundation in ASC 958 and related financial reporting standards.

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