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Are you confident that your not-for-profit entity's financial statements and related note disclosures conform to generally accepted accounting principles? These checklists and illustrative financial statements will help you consider all the relevant requirements with a clear presentation that you can understand.
Whether you are preparing financial statements and reports for a not-for-profit entity or auditing, reviewing, or compiling those financial statements, this practice aid can save countless research hours with its comprehensive guidance for determining the adequacy of disclosures. This practice aid also provides you with illustrative financial statements and auditor's reports, including reports for audits conducted in accordance with Government Auditing Standards and OMB Circular A-133.
The checklists have been updated to reflect authoritative pronouncements and interpretations issued as of May 31, 2009, including:
This practice aid has been prepared by the AICPA staff and has not been reviewed, approved, disapproved, or otherwise acted on by any senior technical committee of the AICPA.
Content refers to 2008 edition
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Content refers to 2008 edition
FSP Section 14,000
Financial Statements and Notes Checklist
.01 This nonauthoritative checklist can be used by preparers of not-for-profit organization financial statements prepared in conformity with generally accepted accounting principles (GAAP) and by practitioners who audit, review, or compile those financial statements as they evaluate the adequacy of disclosures made in the basic financial statements and notes to the financial statements.
.02 Explanation of References:
AAG = AICPA Audit and Accounting Guide Not-for-Profit Organizations (with conforming
changes as of May 1, 2008)
ACC = Reference to a section number in AICPA Technical Practice Aids, Statements of
Position-Accounting
AUD = Reference to a section number in AICPA Technical Practice Aids, Statements of
Position—Auditing and Attestation
APB = Accounting Principles Board Opinion
ARB = Accounting Research Bulletin
AU = Reference to section number in AICPA, Professional Standards (vol. 1)
EITF = Emerging Issues Task Force Abstracts
FIN = Financial Accounting Standards Board (FASB) Interpretation
FTB = FASB Technical Bulletin1
FSP = FASB Staff Position
PB = AICPA Accounting Standards Division Practice Bulletin
SFAS = FASB Statement of Financial Accounting Standards
SOP = AICPA Statement of Position
TPA = Reference to a section number in AICPA, Technical Practice Aids, Technical Questions and Answers (TIS)
008988
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