Not-for-Profit Entities: Checklists and Illustrative Financial Statements
This checklist was designed to assist auditors and preparers in overcoming the complexities of financial statement preparation for not-for-profit entities. Whether you are preparing financial statements or auditing those financial statements, you’ll find the tools you need in this helpful resource.
This checklist contains the most comprehensive financial reporting and disclosure guidance available, plus a complete set of illustrative financial statements to assist you in understanding and applying the standards.
- Ensure that all FASB nonprofit financial statement disclosures requirements are met
- Reduce the risk of non-compliance with the Clarified Auditing Standards, OMB Uniform Guidance and the 2011 revision of Government Auditing Standards
- Ensure that review and compilation reports contain all the required elements to be in compliance with professional standards
- Understand the application of financial reporting standards using the illustrative nonprofit entity financial statements
- Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance)
- SSARS No. 21, Statement on Standards for Accounting and Review Services: Clarification and Recodification
- SAS No. 131, Amendment to Statement on Auditing Standards No. 122 Section 700, Forming an Opinion and Reporting on Financial Statements
- ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) (a consensus of the Emerging Issues Task Force)
- ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory
- ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments
- ASU No 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes
- ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities
- ASU No. 2016-02, Leases (Topic 842)
Who Will Benefit?Small to medium sized firms and NFPs
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These checklists and illustrative financial statements have been developed by the AICPA Accounting and Auditing Publications staff to serve as nonauthoritative practice aids for use by preparers of financial statements and by practitioners who audit, review, or compile financial statements. The checklists address those requirements most likely to be encountered when reporting on financial statements of a not-for-profit entity prepared in conformity with U.S. generally accepted accounting principles.
Relevant financial statement reporting and disclosure guidance issued through April 30, 2015, has been considered in the development of this edition of the checklist. The accounting guidance in this checklist has been conformed to reflect reference to the Financial Accounting Standards Board Accounting Standards Codification® as it existed on April 30, 2015.
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