Not-for-Profit Entities - Best Practices in Presentation and Disclosure
This resource gives you a straightforward picture of U.S. GAAP compliance by drawing from the audited financial statements of an assortment of not-for-profit entities (NFPs) and providing illustrative financial statement presentation and disclosure examples for the topics most frequently encountered by preparers of financial statements for NFPs.
This resource provides you with the tools you need to work through the process of creating and verifying the format and accuracy of your company’s or clients’ financial statements. It walks you through the most common presentations used by other nonprofits for challenges such as noncash gifts, donor-imposed restrictions, or accounting for contributions.
This new edition provides insight into and 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. Also included is a discussion on financial statements prepared in accordance with a special purpose framework of accounting.
In addition, you’ll find illustrations of the most important, immediate, and challenging disclosures, including:
- Fair value measurements and use of estimates
- Investments, derivatives, endowments, and UPMIFA
- Contributions and revenue recognition, including grants, gifts in kind, interests in trusts, and other receivables
- Liabilities, including split-interest agreements and pension plans
- Income taxes and uncertain tax positions for tax-exempt entities
- Net asset classes and restrictions
- Measure of operations and joint costs
- Insight into the new FASB ASU No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities
Who Will Benefit?
Small-to medium-sized firms and not-for-profit entities
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Find out more information on the NFP Section.
This publication provides illustrative financial statements and related disclosures for nongovernmental not-for-profit entities (NFPs) other than health care providers. The examples contained herein have been adapted from actual audited financial statements of NFPs whose names and other identifying information have been changed. This publication is published by the Accounting and Auditing Publications team of the AICPA and is intended to provide preparers and practitioners with nonauthoritative practical guidance on such financial statements and disclosures.
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