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Not-for-Profit Entities Industry Developments - Audit Risk Alert
This alert covers the most important developments affecting not-for-profit entities in the coming year and the issues auditors may face.

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Product details

Top-of-mind in 2019.

Who Will Benefit

  • This comprehensive alert 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.
  • 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.

Key Topics

Among other topics, this alert focuses on risks related to recent nonprofit industry trends, financial statement presentation changes, revenue recognition, and changes in tax compliance. Also included is information on emerging issues such as:

  • Revenue recognition for grants and contracts
  • Accounting for leases
  • Changes to the auditor's report
  • Cybersecurity
  • "Parking tax" and UBIT for exempt organizations

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.

As a not-for-profit auditor, there's a lot to consider as you navigate the pace of change in today's complex business environment. Many finance professionals serving the nonprofit sector are challenged with implementation of significant new accounting standards under U.S. GAAP, such as revenue recognition and accounting for not-for-profit grants and contracts.

Created for nonprofit finance and accounting staff, auditors, and board members alike, this alert features the most important developments affecting not-for-profit entities and the key issues auditors may face.

What you need to know!

Taking you straight to what you need to know in the coming year, this publication covers all the changes on the horizon, including business environment issues like:

  • Cybersecurity and outsourcing
  • Accounting and auditing challenges (like the implementation of FASB's not-for-profit financial statement presentation)
  • Revenue recognition
  • Leases standards

Delivered in an easily digestible format, this alert also covers legislative and regulatory issues like unrelated business income tax, the "parking tax," and changes to IRS Form 990-T, as well as a discussion of the upcoming changes to the auditor's repor.

View the excerpt provided to see an example of one of the many targeted discussions of current economic, accounting, and auditing issues affecting nonprofits and discover why this alert serves as an excellent starting point for your conversations about risk.

Updates

This alert discusses legislative, regulatory, and standard-setter updates affecting not-for-profit entities in 2019. 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 (Topic 606)
  • FASB ASU 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made
  • Changes to the Auditor's Report
  • 2017 Tax Cuts and Jobs Act

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.

–OR–

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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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.

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