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Updated as of April 30, 2013, this checklist is designed to assist auditors and preparers with overcoming the complexities of financial statement preparation for not-for-profit entities, and with identifying the applicable reporting requirements you need to know and apply.
This essential practice aid saves you countless research hours and reduces the risk of noncompliance.
Whether you are preparing financial statements or auditing those financial statements, you'll find the most comprehensive information available, including helpful illustrative financial statements and Auditor's Reports. This checklist has been fully updated to reflect changes from the ASB Clarity Project, and includes content and recommendations from the new Not-for-Profit Entities Audit and Accounting Guide.
This practice aid will help you:
- Master the complexities of financial statement preparation for not-for-profit entities.
- Ensure that all FASB not-for-profit financial statement disclosures requirements are met.
- Ensure that Auditor's Reports are in compliance with the new Clarified Auditing Standards, and with OMB Circular A-133 and the 2011 revision of Government Auditing Standards.
- Ensure that review and compilation reports contain all the required elements to be in compliance with professional standards.
- Understand the application of financial reporting standards using the illustrative not-for-profit entity financial statements.
In addition, it includes authoritative pronouncements and interpretations issued as of March 31, 2013, including: FASB ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities, and ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities; FASB ASU No. 2012-05, Statement of Cash Flows (Topic 230):Not-for-Profit Entities: Classification of the Sale Proceeds of Donated Financial Assets in the Statement of Cash Flows (a consensus of the FASB Emerging Issues Task Force); and FASB ASU No. 2013-04, Liabilities (Topic 405):Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date.
Purchasers of the online format can download the checklist content into Microsoft Word for added flexibility.
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