Not-for-Profit Entities Industry Developments - Audit Risk Alert

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New standards for financial statement presentation and revenue recognition have created many not-for-profit financial reporting changes. Combine those with today's technology-centered environment and the ever-present scrutiny of exempt organizations by the IRS and watchdog and rating agencies, and you may wonder how you'll ever tackle all the associated risks.

Start with what you need to know now. This alert takes you directly to the important developments affecting not-for-profit entities in the coming year, and the issues auditors may face. It's jam-packed with targeted discussions of current economic, accounting, and auditing issues affecting nonprofits, as well as changes on the horizon. From business environment issues like cybersecurity to accounting and auditing challenges like implementation of FASB's new financial statement standard (ASU No. 2016-14) and valuation of gifts-in-kind, you'll know what you need to have top-of-mind in 2018. This alert also covers legislative and regulatory issues like UBIT, debt-financed property rules, and tax reform provisions of interest to exempt organizations, as well as the new auditing standard on auditor involvement with exempt offering documents.

For nonprofit finance and accounting staff, auditors, and board members alike, it delivers valuable information in an easily digestible format. View the excerpt provided to see why it serves as an excellent starting point for your conversations about risk.

Key Benefits

Among other topics, this alert focuses on risks related to recent nonprofit industry trends, financial statement presentation changes, revenue recognition, and fair value issues. A discussion of tax reform provisions affecting exempt organizations is also included as well as information on emerging issues such as:

  • Revenue recognition for grants and contracts
  • Phase 2 of FASB's not-for-profit financial statement presentation project
  • Changes to the auditor's report
  • Cybersecurity
  • Blockchain and other transformative technology

Awareness of key trends affecting the nonprofit environment informs audit planning, risk management, strategic planning, and oversight, thereby promoting greater success and sustainability of not-for-profit entities.


This alert discusses legislative, regulatory, and standard-setter updates affecting not-for-profit entities in 2018. The following is a sample of the updates covered. For more insight, see the full table of contents.

  • FASB ASU No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial
  • Statements of Not-for-Profit Entities
  • FASB ASU No. 2014-09, Revenue From Contracts With Customers
  • SAS No. 133, Auditor Involvement With Exempt Offering Documents
  • 2017 Tax Cuts and Jobs Act

Who Will Benefit

This comprehensive alert addresses the latest issues and developments affecting auditing and accounting for not-for-profit entities, including industry and economic trends as well as recent updates to accounting and auditing standards. It has been designed to help a wide range of nonprofit professionals, including auditing and accounting firms with nonprofit engagements, as well as financial managers and board members of 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.


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Table of Contents

System Requirements

About the Publisher

American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.

The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialized credentials for qualified professionals who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.

The AICPA and CIMA also make up the Association of International Certified Professional Accountants (the Association), which represents public and management accounting globally, advocating on behalf the public interest and advancing the quality, competency and employability of CPAs, CGMAs and other accounting and finance professionals worldwide.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.