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.

Enhancements include:

  • 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.

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