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Ready to fast track your knowledge of the auditing and accounting issues significant to the not-for-profit industry? Whether you're preparing your NFP's financial statements or preparing for an auditing engagement of an NFP, this Audit and Accounting Guide provides you with the latest information on accounting and auditing issues affecting the NFP industry and related financial statement considerations.
Have you used the FASB Accounting Standards Codification™ (ASC) to maneuver through the new structure of GAAP? You'll find the helpful guidance you're accustomed to now fully conformed to the ASC, along with a clear explanation of the ASC's significance to the profession, numerical referencing system, and Internet-based research system.
Updated with conforming changes as of March 1, 2009, the guide includes relevant guidance contained in official pronouncements issued through that date, supplemented with specific "how-to" recommendations.
You'll also want to check out the new developments related to the heavily debated fair value issue addressed in FASB Statement No. 157, Fair Value Measurements. With all these must-have features, this guide is an essential reference for firms, small practitioners, and professionals in business and industry.
For a topical listing of subject matter by chapter, click on the Table of Contents tab.
Please note this product purchase is non-refundable. For more information about this product or service concerns, please contact the AICPA Service Center at service@aicpa.org or call 888-777-7077.
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FASB Accounting Standards Codification™ Overview
FASB ASC, which was released on January 15, 2008, for a one-year verification period, disassembled and reassembled thousands of nongovernmental accounting pronouncements (including those of the FASB, the EITF, and the AICPA) to organize them under approximately 90 topics. FASB ASC is not intended to change U.S. GAAP; rather, it is part of FASB's efforts to reduce the complexity of accounting standards and also to facilitate international convergence. Moreover, FASB ASC does not include governmental accounting standards. The purposes behind the codification project include the following:
| • | Reduce the amount of time and effort required to solve an accounting research issue |
| • | Mitigate the risk of noncompliance with standards through improved usability of the literature |
| • | Provide accurate information with real-time updates as new standards are released |
| • | Assist FASB with the research and convergence efforts required during the standard setting process |
| • | Become the authoritative source of literature for the completed eXtensible Business Reporting Language (XBRL) taxonomy |
| • | Clarify that guidance not contained in FASB ASC is not considered authoritative |
With the release of FASB ASC in January 2008, FASB launched an Internetbased research system, the FASB Accounting Standards Codification™ Research System, at http://asc.fasb.org, which includes a cross reference report to identify where the topics addressed in the standards being incorporated into the codification reside in FASB ASC. This functionality may be discontinued over time by FASB.
FASBASCfeatures a notice to constituents, which explains the scope, structure, and usage of consistent terminology of FASB ASC. Users are encouraged to read this notice. Refer to the FASB ASCWeb site at http://asc.fasb.org, or by linking to the Web site from the FASB Web site at www.fasb.org.
FASB is expected to issue FASB ASC as authoritative effective July 1, 2009, at which time it will become the source of authoritativeU.S. accounting and reporting standards, in addition to guidance issued by the SEC, for nongovernmental entities. FASB ASC will supersede all then-existing, non-SEC accounting and reporting standards for nongovernmental entities. Once effective, all other nongrandfathered, non-SEC accounting literature not included in FASB ASC will become nonauthoritative. After the effective date of FASB ASC, FASB will no longer consider new standards authoritative in their own right. Instead, new standards will serve only to update FASB ASC and provide the historical basis for conclusions of a new standard.*
Because FASB ASC is expected to become authoritative on July 1, 2009, accounting guidance in this guide has been conformed to reflect reference to FASB ASC using the style articulated in the FASB ASC Notice to Constituents. This guide has been conformed to FASB ASC as it existed on March 1, 2009 (through FASB ASC Update 2009-18).
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