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Not-for-Profit Entities - Audit and Accounting Guide

Publisher: AICPA
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Updated as of March 1, 2014, this guide provides assistance in the unique preparation, auditing, accounting and reporting of financial statements for not-for-profit entities.

This new edition includes guidance on reporting donated services between affiliated NFPs, split-interest agreements, contributions and grants, functional expenses and joint costs, and much more.

Key Benefits:

  • Properly report complex revenue and expense transactions that have a material effect on financial reporting.
  • Gain an understanding of the accounting issues that are unique to NFPs, such as donor restrictions on contributions
  • Understand the unique audit areas in NFPs and how to address the risk of material misstatement.
  • Properly account for the relationships between NFPs and other entities
  • Understand the disclosure requirements related to reporting transactions that are common to NFPs.

Updates

  • 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. 2012-02, Intangibles - Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment

Audience

This comprehensive guide addresses the many aspects of specialized 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.

An excerpt from the AICPA Webcast:
2013 Not-For-Profit Organizations - What the New Audit and Accounting Guide Means To You and Current Year Audit Issues - May 2013
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.
Paperback , 2014
Product# AAGNFP14P
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