This Alert helps you identify important current developments affecting not-for-profit entities and the issues auditors may face as a result of these developments. You'll find targeted discussion of emerging practice issues, plus current economic, accounting and auditing developments.
Among other topics, this Alert focuses on risks related to recent NFP trends, going concern, revenue recognition, and fair value issues. Also included is a discussion of recent and planned IRS activity with regard to NFPs.
This alert also includes information on emerging issues such as:
Auditing Donor Intent
Internal Control Considerations
IRS Exempt Organizations Activities
FASB Not-for-Profit Standard-setting Activity
Accounting for Conservation Easements
New accounting and auditing guidance and exposure drafts that are particularly significant to this alert include:
FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606)
FASB ASU No. 2014-17, Business Combinations (Topic 805): Pushdown Accounting (a consensus of the FASB Emerging Issues Task Force)
FASB ASU No. 2013-07, Presentation of Financial Statements (Topic 205)-Liquidation Basis of Accounting
FASB ASU No. 2012-05, Statement of Cash Flows (Topic 230): Not-for-Profit Entities: Classification of the Sale Proceeds of Donated Financial Assets in the Statement of Cash Flows (a consensus of the FASB Emerging Issues Task Force)
This comprehensive alert addresses the many aspects of specialized auditing and 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.
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