Publisher's Synopsis
The 2016 edition provides assistance in the unique preparation, auditing, accounting and reporting of financial statements for not-for-profit entities.
This new edition includes guidance on reporting donated services between affiliated NFPs, split-interest agreements, contributions and grants, functional expenses and joint costs, and much more.
Key Benefits:
- Properly report complex revenue and expense transactions that have a material effect on financial reporting
- Gain an understanding of the accounting issues that are unique to NFPs, such as donor restrictions on contributions
- Understand the unique audit areas in NFPs and how to address the risk of material misstatement
- Properly account for the relationships between NFPs and other entities
- Understand the disclosure requirements related to reporting transactions that are common to NFPs
Updates:
- FASB ASU No. 2013-06, Not-for-Profit Entities (Topic 958): Services Received from Personnel of an Affiliate (a consensus of the FASB Emerging Issues Task Force)
- FASB ASU No. 2014-04, Receivables Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force)
- FASB ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity
- FASB ASU No. 2015-10, Technical Corrections and Improvements
Who Will Benefit:
- Audit and accounting firms with nonprofit engagements
- Financial managers at nonprofit organizations
