Not‐for‐Profit Entities: Best Practices in Presentation and Disclosure
About this book
This valuable resource provides financial statement presentation and disclosure examples illustrating U.S. GAAP compliance for the topics most frequently encountered by preparers of financial statements for not-for-profits (NFPs) by drawing from the audited financial statements of an assortment of NFP entities.
Intended for use as a tool to help you create and verify the format and accuracy of your company's or clients' financial statements, this resource walks you through the most common presentations used by other nonprofits for challenges such as noncash gifts, donor-imposed restrictions, and functional expenses.
The 2019 edition illustrates the most important, immediate, and challenging disclosures, including:
- Net asset classes and donor-imposed restrictions
- Investments, derivatives, endowments, and UPMIFA
- Liquidity and availability of resources
- Liabilities, including split-interest agreements and pension plans
- Contributions and revenue recognition, including grants, contracts, gifts in kind, interests in trusts, and other receivables
- Analysis of expenses by function and nature
- Fair value measurements and use of estimates
- Income taxes and uncertain tax positions for tax-exempt entities
- Measure of operations and joint costs
Author Bios
Founded in 1887, the American Institute of Certified Public Accountants (AICPA)
represents the CPA and accounting profession nationally and globally regarding rule-making
and standard-setting, and serves as an advocate before legislative bodies, public
interest groups and other professional organizations. The AICPA develops standards
for audits of private companies and other services by CPAs; provides educational guidance
materials to its members; develops and grades the Uniform CPA Examination; and monitors
and enforces compliance with the accounting profession's technical and ethical standards.
The AICPA's founding established accountancy as a profession distinguished by rigorous
educational requirements, high professional standards, a strict code of professional
ethics, a licensing status and a commitment to serving the public interest.