A new, greatly enhanced AICPA audit and accounting guide, Not-for-Profit Entities, is available in ebook and paperback form.
The AICPA Auditing Standards Board (ASB), Financial Reporting Executive Committee (FinREC) and Not-For-Profit Guide Task Force have revised the guide, making significant enhancements to improve user understanding and minimize diversity in practice.
- An expanded section about reporting relationships with other entities.
- New sections about reporting and measuring noncash gifts.
- A new chapter on program-related investments and microfinance loans.
- An expanded section about municipal bond debt, and the effects of terms (such as subjective acceleration clauses) on the classification of debt.
- New guidance for reporting the expiration of donor-imposed restrictions.
- Expanded discussion about the legal and regulatory environment in which not-for-profit entities operate.
- Auditing content that has been conformed to the changes resulting from the ASB clarity project.
- Suggestions for audit procedures an auditor might consider as a supplement to the risk assessment procedures.
For more information, visit tinyurl.com/23f88yy.