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Not-for-Profit Entities Accounting Issues and Risks 2009: Strengthening Financial Management and Reporting - Financial Reporting Alert

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Description

Want to get caught up on the latest accounting and regulatory developments affecting your entity's financial reporting? This Financial Reporting Alert will not only bring you, your financial management team, and audit committee up to speed on these developments, but also it will give you a more robust understanding of the rapidly changing economic and business environment in which your entity operates. Most importantly, this alert will help you identify the significant risks that may result in the material misstatement of your entity's financial statements.

You'll also find that the helpful guidance you're accustomed to now includes references for the FASB Accounting Standards Codification™ (ASC), along with a clear explanation of the ASC's significance to the profession, numerical referencing system, and Internet-based research system.

Specifically, this alert provides you with information on recently issued accounting standards such as:

  • SFAS No. 167, Amendments to FASB Interpretation No. 46(R)

  • SFAS No. 166, Accounting for Transfers of Financial Assets—an amendment of FASB Statement No. 140

  • SFAS No. 165, Subsequent Events, which is codified at FASB ASC 855, Subsequent Events

  • SFAS No. 164, Not-for-Profit Entities: Mergers and Acquisitions—Including an amendment of FASB Statement No. 142

  • Multiple new FSPs related to fair value measurements and impairments

It also gives you information on emerging issues such as:

  • Convergence with International Financial Reporting Standards

  • FASB Accounting Standards Codification™

  • XBRL

This alert has not been approved, disapproved, or otherwise acted on by a senior technical committee of the AICPA.

Table of Contents

  • How This Alert Helps You
  • Understanding the Current Economic Environment to Assess Risks for Your Entity
  • Economic, Legislative, and Regulatory Developments
    • The Economic Crisis
    • The American Reinvestment and Recovery Act of 2009
    • Emergency Economic Stabilization Act of 2008
    • Term Asset-Backed Securities Loan Facility
    • Other Government Interventions
    • Key Economic Indicators
    • Resources for Economic Information
  • Financial Management Issues and Developments
    • Strategies to Navigate the Economic Crisis
    • Assessing Liquidity Risk
    • Succession and Talent Management Planning
    • Considering Outsourcing
    • Enterprise Risk Management
    • Internal Control and Processes
    • Financial Statement Disclosures
    • SEC Guidance on Disclosures in MD&A of Financial Condition and Results of Operations
    • The Role of the Audit Committee
  • Accounting Issues and Developments
    • Understanding Fair Value Accounting
    • Other-Than-Temporary Impairment
    • Liquidity Restrictions
    • Convergence With International Financial Reporting Standards
    • FASB Accounting Standards Codification™
    • XBRL Initiative
    • Summary of Recent Accounting Pronouncements and Related Guidance
    • Accounting for Financial Guarantee Insurance Contracts
    • The Hierarchy of Generally Accepted Accounting Principles
    • Disclosures About Derivative Instruments and Hedging Activities
  • Audit and Attestation Issues Affecting Your Entity's Audit or Attest Engagement
    • Audit and Attest Issues for Nonissuers
  • On the Horizon
    • Accounting Pipeline
  • Resource Central
    • Publications
    • AICPA reSOURCE: Accounting and Auditing Literature
    • Continuing Professional Education
    • Webcasts
    • Member Service Center
    • Hotlines
    • Conferences
    • Services for AICPA Members in Business, Industry, and Government
  • Appendix—Additional Web Resources

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Excerpts

How This Alert Helps You

This alert is intended to help you better understand the relevant economic and regulatory factors that affect your financial reporting and identify issues that could result in the material misstatement of your entity’s financial statements.

The current economic crisis makes financial management more challenging than ever. This Financial Reporting Alert (alert) is designed to be used by members of a not-forprofit entity's (NFP) financial management team and audit committee to identify, understand, and address current accounting and regulatory developments affecting the entity, especially those that are the result of the current economic crisis. This alert is intended to help you achieve a more robust understanding of the current economic environment in which your entity is operating. This alert is also an important tool to help you identify the significant risks that may result in the material misstatement of your entity's financial statements. To help you understand relevant industry, economic, and regulatory factors affecting financial management and reporting, the AICPA also offers industry- and topicspecific alerts to be used in conjunction with this alert. These alerts can be obtained by calling the AICPA at (888) 777-7077 or visiting www.cpa2biz.com. You should refer to the full text of pronouncements as well as the full text of any rules or publications that are discussed in this alert.

Certain accounting guidance referenced in this alert has been codified into the Financial Accounting Standards Board (FASB) Accounting Standards Codification™ (ASC). On June 30, 2009, FASB issued FASB Statement No. 168, The FASB Accounting Standards Codification™ and the Hierarchy of Generally Accepted Accounting Principles—a replacement of FASB Statement No. 162. On the effective date of this statement, FASB ASC will become the source of authoritative U.S. accounting and reporting standards for nongovernmental entities, in addition to guidance issued by the Securities and Exchange Commission (SEC). At that time, FASB ASC will supersede all then-existing, non-SEC accounting and reporting standards for nongovernmental entities. Once effective, all other nongrandfathered, non-SEC accounting literature not included in FASB ASC will become nonauthoritative. See the discussion of FASB ASC in the "Accounting Issues and Developments" section of this alert.

To ensure that CPAs have the essential information needed to serve as leaders at work, at home, and in their communities, in January 2009, the AICPA launched the Economic Crisis Resource Center at www.aicpa.org/economy. This Web site is the most comprehensive online resource for the CPA profession during these challenging economic times and includes the following:

•  Tools for minimizing the effects of a recession on your entity
•  Webcasts on credit and financing issues
•  Articles on strategic planning
•  Professional development resources

Additional tools, information, and resources will be posted to the Web site as they are developed to help you manage the issues and risks you face during this difficult economic period.

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