Not-for-Profit Entities - Audit and Accounting Guide
The 2017 edition provides assistance in the unique preparation, auditing, accounting and reporting of financial statements for not-for-profit entities.
This edition includes guidance on reporting donated services between affiliated NFPs, split-interest agreements, contributions and grants, functional expenses and joint costs, and much more.
FASB ASU No. 2016-14 Coverage - For those nonprofits who are considering early adoption, this new edition provides an appendix which includes insight into and some examples updated for the new FASB ASU No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. It offers an overview of the standard and assists you in determining whether to adopt the new requirements early.
- Properly report complex revenue and expense transactions that have a material effect on financial reporting
- Gain an understanding of the accounting issues that are unique to NFPs, such as donor restrictions on contributions
- Understand the unique audit areas in NFPs and how to address the risk of material misstatement
- Properly account for the relationships between NFPs and other entities
- Understand the disclosure requirements related to reporting transactions that are common to NFPs
The 2017 edition provides updates related to the following:
- The new FASB ASU No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.
- FASB ASU No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern
- SAS No. 132, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern
- FASB ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force)
- FASB ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the Emerging Issues Task Force)
- FASB No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs
- FASB ASU No. 2017-02, Not-for-Profit Entities—Consolidation (Subtopic 958-810): Clarifying When a Not-for-Profit Entity That Is a General Partner or a Limited Partner Should Consolidate a For-Profit Limited Partnership or Similar Entity
Who Will Benefit
Preparers and auditors of not-for-profit financial statements
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