Not-for-Profit Entities Industry Developments - Audit Risk Alert
From going concern to leases, this alert will help you identify important developments affecting not-for-profit entities and the issues auditors may face as a result. You’ll find targeted discussion of emerging practice issues, plus current economic, accounting and auditing developments. As well, you will learn about opportunities for early implementation of ASU 2016-14. Updates from last year include:
- FASB Not-for-Profit Financial Statement Standard, ASU 2016-14
- Going Concern Audit Standard
Among other topics, this alert focuses on risks related to recent NFP trends, going concern, revenue recognition, and fair value issues. Also included is a discussion of recent and planned IRS activity regarding NFPs. This alert also includes information on emerging issues such as:
- Measuring the Effectiveness of not-for-profits
- Alternative investment considerations
- Going Concern
- IRS Exempt Organizations Activities
- FASB Not-for-Profit Standard-setting Activity
- SAS No. 132, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern
- FASB ASU No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities
- 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
- FASB ASU 2016-02, Leases (Topic 842)
Who Will Benefit
This comprehensive alert addresses the many aspects of specialized auditing and accounting for not-for-profit organizations. It has been designed to be beneficial for a wide range of members, including auditing and accounting firms with nonprofit engagements, as well as financial managers at nonprofit organizations.
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