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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 functional expenses
  • Fraud and internal control considerations
  • Contributions vs. exchange transactions
  • Programmatic investments
  • 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:

  • Auditing Standards Board, Clarified Auditing Standards
  • ASU No. 2013-12, Definition of a Public Business Entity—An Addition to the Master Glossary
  • ASU No. 2013-06, Not-for-Profit Entities (Topic 958): Services Received from Personnel of an Affiliate (a consensus of the Emerging Issues Task Force)

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This product is available as part of discounted Online Subscription Bundle that includes the corresponding 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.

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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 2014
Product# ARANFP14E
Availability: eBook Download
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