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Not-for-Profit Entities: Checklists and Illustrative Financial Statements
Designed to assist auditors and preparers in overcoming the complexities of financial statement preparation for not-for-profit entities, this checklist contains the most comprehensive financial reporting and disclosure guidance available.

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This checklist was designed to assist auditors and preparers in overcoming the complexities of financial statement preparation for not-for-profit entities, including those implementing ASU 2016-14. Whether you are preparing financial statements or auditing those financial statements, you'll find the tools you need in this helpful resource. This checklist contains the most comprehensive financial reporting and disclosure guidance available, plus a complete set of illustrative financial statements to assist you in understanding and applying the standards.

Updates include:

  • FASB Accounting Standards Update (ASU) No. 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 (SEC Update)
  • Statement on Auditing Standards (SAS) No. 133, Auditor Involvement With Exempt Offering Documents (AICPA, Professional Standards, AU-C sec. 945)
  • Interpretation No. 3, "Reporting on Audits Conducted in Accordance With Auditing Standards Generally Accepted in the United States of America and International Standards on Auditing" (AICPA, Professional Standards, AU-C sec. 9700 par. .08–.13), of AU-C section 700, Forming an Opinion and Reporting on Financial Statements
  • Statement of Position 17-1, Performing Agreed-Upon Procedures Related to Rated Exchange Act Asset-Backed Securities Third-Party Due Diligence Services as Defined by SEC Release No. 34-72936 (AICPA, Professional Standards, AUD sec. 60)
  • Statement on Standards for Accounting and Review Services No. 24, Omnibus Statement on Standards for Accounting and Review Services—2018 (AICPA, Professional Standards)

Who Will Benefit?

  • Small to Medium sized firms and NFPs

Discounts

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.

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 service@aicpa.org.

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Excerpt

The following checklists and illustrative financial statements have been developed by the AICPA Accounting and Auditing Publications staff to serve as nonauthoritative practice aids for use by preparers of financial statements and by practitioners who audit, review, or compile financial statements. The checklists address those requirements most likely to be encountered when reporting on financial statements of a not-for-profit entity prepared in conformity with U.S. generally accepted accounting principles. Relevant financial statement reporting and disclosure guidance issued through April 30, 2018, has been considered in the development of this edition of the checklists. The accounting guidance in these checklists has been conformed to reflect reference to FASB Accounting Standards Codification® as it existed on April 30, 2018.

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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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