Not-for-Profit Entities: Accounting Issues and Risks 2012 – AICPA Financial Reporting Alert

Find out about important issues and current developments affecting not-for-profit (NFP) entities. This Financial Reporting Alert is intended to be used by members of a NFP 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 higher education and religious organizations and recent trends that could affect your NFP. 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:

• FASB ASU No. 2010-20, Receivables (Topic 310): Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses
• FASB ASU No. 2011-09, Compensation—Retirement Benefits—Multiemployer Plans (Subtopic 715-80): Disclosures about an Employer’s Participation in a Multiemployer Plan

This alert also includes information on emerging issues such as:

• Fair Value Considerations, including Gifts-in-Kind
• IRS Exempt Organizations Activities
• New Market Tax Credit Program Considerations
• The FASB Not-for-Profit Advisory Committee Activity
• Private Company Financial Reporting Update
• 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.

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