Find out about important current developments affecting not-for-profit entities and the issues auditors may face in their current audits as a result of these developments. This Alert focuses on emerging practice issues and current economic, accounting and auditing developments.
Among other topics, this Alert discusses risks related to recent NFP trends, going concern, related party, fair value, and consolidations 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 electronic transactions
Fraud and internal control considerations
Contributions vs. exchange transactions
Functional expense classification issues
IRS Exempt Organizations Activities
The FASB Not-for-Profit Advisory Committee Activity
Higher Education and Religious Organization issues
New accounting and auditing guidance and exposure drafts that are particularly significant to this alert include:
ASU No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS
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)
To comply with the professional standards, auditors need to understand the industry, regulatory, and other external factors that affect the entity and its environment.
This Alert helps you identify those factors and how they may be a source of risk. 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 engagements.
Bundle and Save: This product is also available as part of on online subscription that includes the corresponding Audit and Accounting Guide, content updates and unlimited online access for 1 year. Click here and select the Online Subscription option at the bottom of the page to purchase.
Get even more value with the Employee Benefit Plans: Audit & Accounting Set. This convenient bundle gives you access to the full range of Employee Benefit Plan content offered by the AICPA, all in one convenient online subscription. This online bundle includes how-to advice and authoritative guidance, valuable discussion, best practices, and much more. Follow the link above for more details.