Nonprofits


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.


For more information, visit tinyurl.com/23f88yy.

SPONSORED REPORT

Gearing up for the new FASB lease accounting standard

Management accountants in the United States face significant challenges as companies prepare for the far-reaching change. This report looks at the standard, common challenges companies are likely to face and first steps to consider.

CHECKLIST

Being responsive to clients

CPAs and their firms have daily pressures and hectic schedules, but being responsive is crucial to client satisfaction. Leaders in the profession offer advice for CPA firms that want to be responsive to clients.

QUIZ

Learn to choose between ‘who’ and ‘whom’

Writers can stumble over who and whom (or whoever and whomever). If you write for business, this quiz can help make your copy above reproach.