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Not-for-Profit Entities Industry Developments - Audit Risk Alert

Publisher: AICPA
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This Alert helps you identify important current developments affecting not-for-profit entities and the issues auditors may face as a result of these developments. You'll find targeted discussion of emerging practice issues, plus current economic, accounting and auditing developments.

Key Benefits:

Among other topics, this Alert focuses on risks related to recent NFP trends, going concern, revenue recognition, and fair value issues. Also included is a discussion of recent and planned IRS activity with regard to NFPs.

This alert also includes information on emerging issues such as:

  • Auditing Donor Intent
  • Internal Control Considerations
  • Going Concern
  • IRS Exempt Organizations Activities
  • FASB Not-for-Profit Standard-setting Activity
  • Accounting for Conservation Easements

Updates

New accounting and auditing guidance and exposure drafts that are particularly significant to this alert include:

  • FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606)
  • FASB ASU No. 2014-17, Business Combinations (Topic 805): Pushdown Accounting (a consensus of the FASB Emerging Issues Task Force)
  • FASB ASU No. 2013-07, Presentation of Financial Statements (Topic 205)-Liquidation Basis of Accounting
  • 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)

Audience

This comprehensive alert addresses the many aspects of specialized auditing and accounting for not-for-profit organizations. It has been designed to be beneficial for a wide range of members, including auditing and accounting firms with nonprofit engagements, as well as financial managers at nonprofit organizations.

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.

eBook 2015
Product# ARANFP15E
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