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.