Wiley Not-for-Profit GAAP 2015 (eBook)
600 Seiten
Wiley (Verlag)
978-1-118-94521-6 (ISBN)
Wiley Not-for-Profit GAAP 2015 is a thorough examinationof the authoritative standards for measurement, presentation, anddisclosure as applied to not-for-profit organizations. Clear andconcise, this user-friendly guide explains the fundamentals of GAAPin an easily-accessible format that includes flowcharts anddiagrams to help facilitate the reader's understanding of thematerial presented, including a financial statement disclosurechecklist to confirm GAAP adherence. Designed specifically foraccountants in public practice and industry, this guide covers allrelevant FASB and AICPA guidelines, to provide a complete referencetool for auditors who need a comprehensive understanding of GAAPfor not-for-profit organizations.
Due to these organizations' unique characteristics,not-for-profit accountants must adhere to specific GenerallyAccepted Accounting Principles. These requirements are complex andever evolving, but Wiley Not-for-Profit GAAP 2015 bringsthem together in a single volume that contains the mostup-to-the-minute information available.
- Refine basic financial statements, including FinancialPosition, Activities, and Cash Flow
- Tackle not-for-profit-specific issues like fundraising, noncashcontributions, affiliations, and pledges
- Tailor accounting methods to the specific type of organization,with budgeting, tax reporting, and regulatory advice
- Discover how general accounting topics like assets, mergers,and liabilities are applied to not-for-profit organizations
Preparers and auditors of not-for-profit accounts must stayup-to-date on the latest GAAP practices to best serve theorganization, while complying with all disclosure, reporting, andregulatory requirements. Wiley Not-for-Profit GAAP 2015provides extensive coverage and practical advice on the latestGAAP, tailored to the not-for-profit organization's uniqueneeds.
Detailed, practical coverage of GAAP, tailored to not-for-profit organizations Wiley Not-for-Profit GAAP 2015 is a thorough examination of the authoritative standards for measurement, presentation, and disclosure as applied to not-for-profit organizations. Clear and concise, this user-friendly guide explains the fundamentals of GAAP in an easily-accessible format that includes flowcharts and diagrams to help facilitate the reader's understanding of the material presented, including a financial statement disclosure checklist to confirm GAAP adherence. Designed specifically for accountants in public practice and industry, this guide covers all relevant FASB and AICPA guidelines, to provide a complete reference tool for auditors who need a comprehensive understanding of GAAP for not-for-profit organizations. Due to these organizations' unique characteristics, not-for-profit accountants must adhere to specific Generally Accepted Accounting Principles. These requirements are complex and ever evolving, but Wiley Not-for-Profit GAAP 2015 brings them together in a single volume that contains the most up-to-the-minute information available. Refine basic financial statements, including Financial Position, Activities, and Cash Flow Tackle not-for-profit-specific issues like fundraising, noncash contributions, affiliations, and pledges Tailor accounting methods to the specific type of organization, with budgeting, tax reporting, and regulatory advice Discover how general accounting topics like assets, mergers, and liabilities are applied to not-for-profit organizations Preparers and auditors of not-for-profit accounts must stay up-to-date on the latest GAAP practices to best serve the organization, while complying with all disclosure, reporting, and regulatory requirements. Wiley Not-for-Profit GAAP 2015 provides extensive coverage and practical advice on the latest GAAP, tailored to the not-for-profit organization's unique needs.
Richard F. Larkin, CPA (Bethesda, MD) is technical director of not-for-profit accounting and auditing for Long Group, Chartered, in Bethesda, Maryland. He is a certified public accountant with over 35 years of experience serving not-for-profit organizations. He teaches, speaks, and writes extensively on not-for-profit industry matters. Marie DiTommaso, CPA, (Woodcliff Lake, NJ) is a partner in her own CPA practice, DiTommaso & Ruppel, CPAs. She has over 20 years of experience in accounting and financial reporting in both the not-for-profit and commercial accounting environments
Preface vii
About the Authors ix
Not-for-Profit Accounting Literature xi
Part 1 Overview of Not-for-Profit Organizations 1
Chapter 1 Overview of Not-for-Profit Organizations 3
Chapter 2 Cash versus Accrual Basis Accounting 11
Part 2 Basic Financial Statements 21
Chapter 3 Statement of Financial Position 23
Chapter 4 Statement of Activities 31
Chapter 5 Statement of Cash Flows 41
Chapter 6 Other Financial Statement Issues 55
Part 3 Specific Not-for-Profit Accounting Topics 75
Chapter 7 Fund Accounting 77
Chapter 8 Net Assets 91
Chapter 9 Contributions, Pledges, Noncash Contributions, and Exchange Transactions 101
Chapter 10 Investments 151
Chapter 11 Affiliated Organizations 175
Chapter 12 Split-Interest Agreements 199
Chapter 13 Fundraising and Joint Costs 211
Chapter 14 Functional Reporting 227
Chapter 15 Collections 233
Part 4 Other Accounting-Related Not-for-Profit Topics 237
Chapter 16 Accounting for Specific Types of Not-for-Profits 239
Chapter 17 Importance of Budgets to a Not-for-Profit 255
Chapter 18 Principal Federal and State Tax Reporting and Regulatory Requirements 275
Part 5 General Accounting Topics Applied to Not-for-Profit Organizations 337
Chapter 19 Current Assets and Current Liabilities 339
Chapter 20 Inventory 349
Chapter 21 Long-Lived Assets, Depreciation, and Impairment 359
Chapter 22 Intangible Assets 373
Chapter 23 Contingencies 381
Chapter 24 Mergers and Acquisitions 397
Chapter 25 Accounting for Pensions and Postretirement Benefits 413
Chapter 26 Long-Term Liabilities 455
Chapter 27 Accounting Changes 475
Chapter 28 Accounting for Leases 483
Chapter 29 Financial Instruments 523
Chapter 30 Capitalization of Interest Costs 537
Appendix: Disclosure Checklist 543
Index 573
Not-for-Profit Accounting Literature
Cross-references between the FASB Accounting Standards Codification (ASC) and Previous Guidance
As more fully described in Chapter 1, the source of all authoritative generally accepted accounting principles for not-for-profit organizations is now contained in the FASB Accounting Standards Codification (ASC). The following tables cross-reference several of the more common ASC sections with the prior FASB pronouncements to assist readers in navigating the ASC. References in these charts to the AICPA Audit & Accounting Guide are to the 2012 edition of the Guide. Some chapters have been rearranged in the 2013 edition.
An additional table in this section provides the reader with a list of the relatively recently issued (2012 through July 2014) Accounting Standards Updates (“ASUs” which amend the ASC) issued by the FASB. Most of the ASUs will not affect the accounting and financial reporting for many, if not all, not-for-profit organizations and are not discussed in this book. However, it is important for the reader to be aware of the changes being made to the ASC so that any potential impacts of these changes can be evaluated. Note that several ASUs beginning in 2014 are the result of consensus of the FASB's Private Company Council, which provides a simplified method of accounting and reporting for certain transactions of private business entities. There ASUs are not applicable to not-for-profit organizations.
Where a specific ASU is addressed in a chapter of this book, that chapter is indicated in the table.
ASC–from previous:
| ASC | Subject Matter | Previous Guidance (primarily) |
| 958- |
| 10 | Overall | AAG (AICPA audit guide) Ch. 1 Para 15.04 |
| 20 | Financially-interrelated entities | FAS 136 |
| 30 | Split-interest agreements | AAG Ch. 6 DIG B-35 |
| 205 | Presentation of financial statements | FAS 117, FSP 117-1, FAS 124 |
| 210 | Balance sheet | FAS 117 |
| 225 | Income statement | FAS 117, others |
| 230 | Statement of cash flows | FAS 117, AAG Ch. 3 |
| 310 | Receivables | FAS 116, AAG Ch. 5 & others |
| 320 | Investments—debt and equity securities | FAS 124, AAG Ch. 8 |
| 325 | Investments—other | FAS 124, FSP 124-1, AAG Ch. 8 |
| 360 | Property, plant, and equipment | FAS 116, FAS 93, AAG Ch. 7, 9 |
| 405 | Liabilities | AAG Ch. 10, 11, 13, EITF D-089 |
| 450 | Contingencies | FAS 116, AAG Ch. 10, 3 |
| 470 | Debt | AAG Ch. 10 |
| 605 | Revenue recognition | FAS 116, FAS 136, AAG Ch. 5 |
| 715 | Compensation—retirement benefits | FAS 87, 88, 106, 132 (R), 158 |
| 720 | Other expenses | FAS 117, SOP 98-2, AAG Ch. 13 |
| 805 | Combinations | FAS 164 |
| 810 | Consolidation | SOP 94-3, FSP 94-3-1, EITF 90-15, 96-21, ARB 51 |
| 815 | Derivatives and hedging | DIG B-35 |
| 840 | Leases | SOP 94-3, EITF 90-15, 96-21, 97-01 |
Previous–to ASC:
| Previous Guidance | Subject Matter | ASC (primarily) |
| FAS 87, 88, 106, 132(R), 158 | Retirement benefits | 958-715 |
| FAS 93 | Depreciation | 958-360 |
| FAS 116 | Contributions | 958-605 |
| FAS 117 | Financial statement presentation | 958-205, 210, 225, 230, 720 |
| FSP 117-1 | Endowments | 958-205 |
| FAS 124 | Investments | 958-320, 325, 205 |
| FSP 124-1 | Investments | 958-325 |
| FAS 136 | Pass-through gifts | 958-605, 20 |
| FAS 157 | Fair value | 820 |
| FAS 164 | Combinations | 958-805 |
| FIN 48 | Uncertain tax positions | 740-10 |
| DIG B-35 | Derivative in a split-interest | 958-30, 815 |
| SOP 94-3 | Consolidation | 958-810 |
| FSP 94-3-1 | Consolidation | 958-810 |
| SOP 98-2 | Joint costs | 958-720 |
| AAG-NPO Chapter: |
| 1 | Introduction | 958-10 |
| 2 | Auditing | (not in ASC) |
| 3 | Financial reporting | 958-205, 210, 230 |
| 4 | Cash | 958-210 |
| 5 | Contributions | 958-605, 310 |
| 6, DIG B-35 | Split-interest | 958-30, 815 |
| 7 | Other assets | 958-605, 360 |
| 8 | Investments | 958-320, 325 |
| 9 | Property, plant, and equipment | 958–360 |
| 10 | Liabilities | 958-405, 450, 720 |
| 11 | Net assets | 958-225 |
| 12 | Exchange transactions | 958-605, 310 |
| 13 | Expenses | 958-720, 225 |
| 14 | Auditors' reports | (not in ASC) |
| Para. 15.04 | Tax | 958-10 |
| Rest of Ch. 15 | Tax | (not in ASC) |
| 16 | Fund accounting | (not in ASC) |
Accounting Standards Updates Issued During 2012 through 2014 (July)
| ASU Number | Topic | Chapter |
| 2012-01 | Health Care Entities (Topic 954): Continuing Care Retirement Communities—Refundable Advance Fees |
| 2012-02 | Intangibles—Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment | 22 |
| 2012-03 | Technical Amendments and Corrections to SEC Sections |
| 2012-04 | Technical Corrections and Improvements |
| 2012-05 | Statement of Cash Flows (Topic 230): Not-for-Profit Entities: Classification of the Sale Proceeds of Donated Financial Assets in the Statement of Cash Flows | 5 |
| 2012-06 | Business Combinations (Topic 805): Subsequent Accounting for an Indemnification Asset Recognized at the Acquisition Date as a Result of a Government-Assisted Acquisition of a Financial Institution |
| 2012-07 | Entertainment—Films (Topic 926): Accounting for Fair Value Information That Arises after the Measurement Date and Its Inclusion in the Impairment Analysis of Unamortized Film Costs |
| 2013-01 | Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities | 3 |
| 2013-02 | Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income |
| 2013-03 | Financial Instruments (Topic 825): Clarifying the Scope and Applicability of a Particular Disclosure to Nonpublic Entities | 29 |
| 2013-04 | Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date | 23 |
| 2013-05 | Foreign Currency Matters (Topic 830): Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity |
| 2013-06 | Not-for-Profit Entities (Topic 958): Services Received from Personnel of an Affiliate | 11 |
| 2013-07 | Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting |
| 2013-08 | Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure... |
| Erscheint lt. Verlag | 22.1.2015 |
|---|---|
| Reihe/Serie | Wiley Regulatory Reporting |
| Sprache | englisch |
| Themenwelt | Sachbuch/Ratgeber ► Beruf / Finanzen / Recht / Wirtschaft ► Bewerbung / Karriere |
| Recht / Steuern ► Wirtschaftsrecht | |
| Wirtschaft ► Betriebswirtschaft / Management ► Rechnungswesen / Bilanzen | |
| Schlagworte | Accounting • GAAP • GAAP (US-Vorschriften Rechnungslegung) • Rechnungswesen |
| ISBN-10 | 1-118-94521-2 / 1118945212 |
| ISBN-13 | 978-1-118-94521-6 / 9781118945216 |
| Haben Sie eine Frage zum Produkt? |
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