Not-for-Profit Entities - Audit and Accounting Guide
The 2016 edition provides assistance in the unique preparation, auditing, accounting and reporting of financial statements for not-for-profit entities.
This new edition includes guidance on reporting donated services between affiliated NFPs, split-interest agreements, contributions and grants, functional expenses and joint costs, and much more.
- 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
- FASB ASU No. 2013-06, Not-for-Profit Entities (Topic 958): Services Received from Personnel of an Affiliate (a consensus of the FASB Emerging Issues Task Force)
- FASB ASU No. 2014-04, Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force)
- FASB ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.
- FASB ASU No. 2015-10, Technical Corrections and Improvements
Who Will Benefit
- Audit and accounting firms with nonprofit engagements
- Financial managers at nonprofit organizations
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Get even more value with the Not-for-Profit Entities: Audit & Accounting Set. This convenient bundle gives you access to the full range of Not-for-Profit content offered by the AICPA, all in one convenient online subscription. This online bundle includes how-to advice and authoritative guidance, valuable discussion, best practices, and much more. Follow the link above for more details.
This product is also available in an online subscription format that includes the corresponding Not-for-Profit Entities Industry Developments-Audit Risk Alert, content updates and unlimited online access for 1 year. Select the Online Subscription option and save!
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Find out more information on the NFP Section