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Not-for-Profit Entities - Best Practices in Presentation and Disclosure
Provides illustrative financial statements and disclosures that are based on audited financial statements of not-for-profit entities. Fully updated for recently issued authoritative pronouncements, this edition offers comprehensive examples of virtually every required disclosure.

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Who Will Benefit?

  • Small-to medium-sized firms and not-for-profit entities

This resource gives you a straightforward picture of U.S. GAAP compliance by drawing from the audited financial statements of an assortment of not-for-profit entities (NFPs) and providing illustrative financial statement presentation and disclosure examples for the topics most frequently encountered by preparers of financial statements for NFPs.

This resource provides you with the tools you need to work through the process of creating and verifying the format and accuracy of your company's or clients' financial statements. It walks you through the most common presentations used by other nonprofits for challenges such as noncash gifts, donor-imposed restrictions, or accounting for contributions.

This new edition provides insight into and examples updated for the new FASB ASU No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. It offers an overview of the standard and assists you in determining whether to adopt the new requirements early. Also included is a discussion on financial statements prepared in accordance with a special purpose framework of accounting.

In addition, you'll find illustrations of the most important, immediate, and challenging disclosures, including:

  • Fair value measurements and use of estimates
  • Investments, derivatives, endowments, and UPMIFA
  • Contributions and revenue recognition, including grants, gifts in kind, interests in trusts, and other receivables
  • Liabilities, including split-interest agreements and pension plans
  • Income taxes and uncertain tax positions for tax-exempt entities
  • Net asset classes and restrictions
  • Measure of operations and joint costs
  • Insight into the new FASB ASU No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities

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Excerpt

This publication provides illustrative financial statements and related disclosures for nongovernmental not-for-profit entities (NFPs) other than health care providers. The examples contained herein have been adapted from actual audited financial statements of NFPs whose names and other identifying information have been changed. This publication is published by the Accounting and Auditing Publications team of the AICPA and is intended to provide preparers and practitioners with nonauthoritative practical guidance on such financial statements and disclosures.

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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.

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