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 functional expenses
Fraud and internal control considerations
Contributions vs. exchange transactions
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:
ASU No. 2013-12, Definition of a Public Business Entity—An Addition to the Master Glossary
ASU No. 2013-06, Not-for-Profit Entities (Topic 958): Services Received from Personnel of an Affiliate (a consensus of the Emerging Issues Task Force)
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