Not-for-Profit Entities Accounting Issues and Risks 2011: Strengthening Financial Management and Reporting - Financial Reporting Alert

Find out about important issues and current developments affecting not-for-profit entities. This Financial Reporting Alert is intended to be used by members of a not-for-profit entity’s financial management, board members and audit committee to identify and understand current accounting and regulatory developments affecting the entity’s financial reporting including recent developments regarding the Uniform Prudent Management of Institutional Funds Act. This alert is intended to help you achieve a more robust understanding of the economic and business environment in which your entity operates and is also an important tool in helping you identify the significant risks that may result in the material misstatement of your entity’s financial statements.

New accounting guidance that is particularly significant to this alert and covered in just the right amount of detail includes:

• Accounting Standards Update No. 2010-07, Not-for-Profit Entities (Topic 958): Not-for-Profit Entities: Mergers and Acquisitions
• Accounting Standards Update No. 2009-12, Fair Value Measurements and Disclosures (Topic 820): Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)
• Accounting Standards Update 2009-06, Income Taxes (Topic 740)—Implementation Guidance on Accounting for Uncertainty in Income Taxes and Disclosure Amendments for Nonpublic Entities.

This alert also includes information on emerging issues such as:

• Fair Value Considerations, including Gifts-in-Kind
• Reporting Costs Paid by One NFP on Behalf of Another in Circumstances in Which the NFPs Are Affiliates
• IRS Exempt Organizations Activities
• Audit Considerations of the American Recovery and Reinvestment Act of 2009
• Impact of Red Flags Rule on Colleges and Universities
• Filing and Audit Requirements for Employee Retirement Income Security Act–Covered Section 403(b) Employee Benefit Plans
• Provisions of the Health Care Reform Legislation for NFPs
• Internal Control and Processes

You’ll not only find targeted discussion of new developments and considerations, but also a look at what’s in the pipeline that may affect your entity.

For a topical listing of subject matter by chapter, click on the Table of Contents tab.