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Not-for-Profit Entities: Checklists and Illustrative Financial Statements

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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 comprehensive NFP financial reporting and disclosure guidance, 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 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 nonprofit entity financial statements
  • FASB ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360)--Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity
  • FASB ASU No. 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures
  • FASB ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40) - Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern
  • FASB ASU No. 2015-04, Compensation—Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets
  • Statement on Standards for Accounting and Review Services No.21, Statements on Standards for Accounting and Review Services: Clarification and Recodification
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, all in one convenient online subscription. This online bundle includes how-to advice and authoritative guidance, valuable discussion, best practices, and much more. Follow the link above for more details.

Not-for-Profit Section Members Receive Additional Savings! 

When you log into this website with your AICPA member user account, the section/credential discount will be automatically applied during checkout. Should you have any questions or encounter any issues, please contact the AICPA Service Center at 888-777-7077 or

Find out more information on the NFP Section.

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Not-for-Profit Organizations Checklists and Illustrative Financial Statements [Subscription]
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