New AICPA not-for-profit guide available

BY KEN TYSIAC

A new, greatly enhanced AICPA audit and accounting guide, Not-for-Profit Entities, is available in ebook 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. Guidance and examples are provided for reporting relationships with not-for-profit and for-profit corporations, limited liability partnerships, general partnerships, and financially interrelated entities.
  • New sections about reporting and measuring noncash gifts, including gifts in kind; contributions of fundraising materials, informational materials, advertising, and media time or space; below-market interest rate loans; and bargain purchases.
  • A new chapter on program-related investments and microfinance loans.
  • An expanded section about municipal bond debt, including IRS considerations, third-party enhancements, capitalization of interest, extinguishments and debt modifications, 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, including coverage of audit planning, risk assessment and design of testing, evaluation of misstatements, auditor communications, going-concern considerations, and an overview of group audits.
  • Suggestions for audit procedures an auditor might consider as a supplement to the risk assessment procedures.

 

SPONSORED REPORT

8 accounting and auditing issues you can’t afford to ignore

Download this sponsored report for an overview of some of the most important developments accountants and auditors are facing today.

DOWNLOAD

Filing season quick guide — Tax year 2014

Tax season started Jan. 20. Download our “quick guide,” a printable card that contains dollar thresholds, tax tables, standard amounts, credits, and deductions to keep at your fingertips during tax season.

TAX NEWS

Expired tax provisions extended for 2014

President Barack Obama signed legislation that retroactively extended more than 50 expired tax provisions for 2014, allowing taxpayers to take advantage of a host of tax incentives during this filing season.