This Alert helps you identify important current developments affecting not-for-profit entities and the issues auditors may face as a result of these developments. You’ll find targeted discussion of emerging practice issues, plus current economic, accounting and auditing developments.
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 with regard to NFPs.
This alert also includes information on emerging issues such as:
Measuring the effectiveness of nonprofits
Alternative investment considerations
IRS exempt organizations activities
FASB not-for-profit standard-setting activity
FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606)
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
FASB ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity
FASB ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs
FASB ASU No. 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)
FASB ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities
Who Will Benefit:
Audit and accounting firms with nonprofit engagements
Financial managers at nonprofit organizations
Bundle and Save
This product is available as part of discounted Online Subscription Bundle that includes the corresponding Not-for-Profit - Audit and Accounting Guide, content updates and unlimited online access for 1 year. Click here, and then select the "Online Subscription" option at the bottom of that page to purchase.
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, at a significant savings off the price if purchased separately. This online bundle includes how-to advice and authoritative guidance, valuable discussion, best practices, and much more. Follow the link above for more details.
Not-for-Profit Section Members Receive Additional Savings!
When you log into this website with your AICPA member user account, the section/credential discount will be automatically applied during checkout. Should you have any questions or encounter any issues, please contact the AICPA Service Center at 888-777-7077 or firstname.lastname@example.org.