This checklist was designed to assist auditors and preparers in overcoming the complexities of financial statement preparation for not-for-profit entities. Whether you are preparing financial statements or auditing those financial statements, you’ll find the tools you need in this helpful resource.
It contains the most comprehensive financial reporting guidance available, plus a complete set of illustrative financial statements to assist you in understanding and applying the standards.
Ensure that all FASB not-for-profit financial statement disclosures requirements are met.
Reduce the risk of non-compliance with the new Clarified Auditing Standards, 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
2011 revision of Government Auditing Standards issued by GAO
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)
FASB ASU No. 2013-06, Not-for-Profit Entities (Topic 958): Services Received from Personnel of an Affiliate (a consensus of the FASB Emerging Issues Task Force)
FASB ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists
FASB ASU No. 2014-01, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects
ASC Clarity Project (through SAS 128)
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