Wiley Not-for-Profit GAAP 2017 (eBook)
560 Seiten
Wiley (Verlag)
978-1-119-38538-7 (ISBN)
Wiley Not-for-Profit GAAP 2017 is the essential accounting resource for not-for-profit organizations, providing quick access to the most up-to-date standards and practical tools for implementation. Designed help you find the answers you need quickly and easily, this guide features helpful visual aids alongside detailed explanations tailored to the not-for-profit sector. Authoritative discussion covers Financial Accounting Standards Board (FASB) Accounting Standards Codification, which includes the standards originally issued in the Statements, Interpretations and Technical Bulletins; Accounting Principles Board Opinions, Accounting Research Bulletins, AICPA Statements of Position and FASB Emerging Issues Task Force statements relevant to the not-for-profit organization.
The unique characteristics of the not-for-profit organization demand adherence to specific GAAP; auditors and preparers must understand these standards, stay up-to-date as they continue to evolve and know how to apply them in the course of real-world financial statement preparation. This book provides the guidance you need in a user-friendly format.
- Get up to date on the latest changes to GAAP affecting not-for-profit organizations
- Reference authoritative standards for measurement, presentation and disclosure
- Consult flowcharts, diagrams and charts to find answers at a glance
- Double-check disclosures against a checklist of GAAP requirements
Accounting standards are constantly changing, and the special requirements targeting not-for-profits add an additional challenge to full compliance. Instead of wading through dozens of volumes of official pronouncements to locate relevant information, consult an all-in-one resource targeted specifically to not-for-profit GAAP - one that is updated annually to bring you the most current information available. Wiley Not-for-Profit GAAP 2017 provides clear answers and practical guidance to help you streamline GAAP implementation and ensure compliance.
The essential not-for-profit GAAP reference, updated with the latest standards Wiley Not-for-Profit GAAP 2017 is the essential accounting resource for not-for-profit organizations, providing quick access to the most up-to-date standards and practical tools for implementation. Designed help you find the answers you need quickly and easily, this guide features helpful visual aids alongside detailed explanations tailored to the not-for-profit sector. Authoritative discussion covers Financial Accounting Standards Board (FASB) Accounting Standards Codification, which includes the standards originally issued in the Statements, Interpretations and Technical Bulletins; Accounting Principles Board Opinions, Accounting Research Bulletins, AICPA Statements of Position and FASB Emerging Issues Task Force statements relevant to the not-for-profit organization. The unique characteristics of the not-for-profit organization demand adherence to specific GAAP; auditors and preparers must understand these standards, stay up-to-date as they continue to evolve and know how to apply them in the course of real-world financial statement preparation. This book provides the guidance you need in a user-friendly format. Get up to date on the latest changes to GAAP affecting not-for-profit organizations Reference authoritative standards for measurement, presentation and disclosure Consult flowcharts, diagrams and charts to find answers at a glance Double-check disclosures against a checklist of GAAP requirements Accounting standards are constantly changing, and the special requirements targeting not-for-profits add an additional challenge to full compliance. Instead of wading through dozens of volumes of official pronouncements to locate relevant information, consult an all-in-one resource targeted specifically to not-for-profit GAAP one that is updated annually to bring you the most current information available. Wiley Not-for-Profit GAAP 2017 provides clear answers and practical guidance to help you streamline GAAP implementation and ensure compliance.
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-Profi t Accounting Literature xi
Part 1 Overview of Not-for-Profi t Organizations 1
Chapter 1 Overview of Not-for-Profi t 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 57
Part 3 Specifi c Not-for-Profi t Accounting Topics 75
Chapter 7 Fund Accounting 77
Chapter 8 Net Assets 89
Chapter 9 Contributions, Pledges, Noncash Contributions, and Exchange Transactions 99
Chapter 10 Investments 145
Chapter 11 Affi liated Organizations 165
Chapter 12 Split-Interest Agreements 187
Chapter 13 Fundraising and Joint Costs 197
Chapter 14 Functional Reporting 211
Chapter 15 Collections 217
Part 4 Other Accounting-Related Not-for-Profi t Topics 221
Chapter 16 Accounting for Specifi c Types of Not-for-Profi ts 223
Chapter 17 Importance of Budgets to a Not-for-Profi t 237
Chapter 18 Principal Federal and State Tax Reporting and Regulatory Requirements 255
Part 5 General Accounting Topics Applied to Not-for-Profi t Organizations 317
Chapter 19 Current Assets and Current Liabilities 319
Chapter 20 Inventory 327
Chapter 21 Long-Lived Assets, Depreciation, and Impairment 335
Chapter 22 Intangible Assets 347
Chapter 23 Contingencies 355
Chapter 24 Mergers and Acquisitions 371
Chapter 25 Accounting for Pensions and Postretirement Benefi ts 387
Chapter 26 Long-Term Liabilities 423
Chapter 27 Accounting Changes 441
Chapter 28 Accounting for Leases 447
Chapter 29 Financial Instruments 483
Chapter 30 Capitalization of Interest Costs 495
Appendix: Disclosure Checklist 501
Index 531
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 (2013 through September 2015) 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. These 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 20 30 205 210 225 230 310 320 325 360 405 450 470 605 715 720 805 810 815 840 | Overall Financially-interrelated entities Split-interest agreements Presentation of financial statements Balance sheet Income statement Statement of cash flows Receivables Investments—debt and equity securities Investments—other Property, plant, and equipment Liabilities Contingencies Debt Revenue recognition Compensation—retirement benefits Other expenses Combinations Consolidation Derivatives and hedging Leases | AAG (AICPA Audit Guide) Ch. 1 Para 15.04 FAS 136 AAG Ch. 6 DIG B-35 FAS 117, FSP 117-1, FAS 124 FAS 117 FAS 117, others FAS 117, AAG Ch. 3 FAS 116, AAG Ch. 5 & others FAS 124, AAG Ch. 8 FAS 124, FSP 124-1, AAG Ch. 8 FAS 116, FAS 93, AAG Ch. 7, 9 AAG Ch. 10, 11, 13, EITF D-089 FAS 116, AAG Ch. 10, 3 AAG Ch. 10 FAS 116, FAS 136, AAG Ch. 5 FAS 87, 88, 106, 132 (R), 158 FAS 117, SOP 98-2, AAG Ch. 13 FAS 164 SOP 94-3, FSP 94-3-1, EITF 90-15, 96-21, ARB 51 DIG B-35 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 FAS 93 FAS 116 FAS 117 FSP 117-1 FAS 124 FSP 124-1 FAS 136 FAS 157 FAS 164 FIN 48 DIG B-35 SOP 94-3 FSP 94-3-1 SOP 98-2 AAG-NPO Chapter: 1 2 3 4 5 6, DIG B-35 7 8 9 10 11 12 13 14 Para. 15.04 Rest of Ch. 15 16 | Retirement benefits Depreciation Contributions Financial statement presentation Endowments Investments Investments Pass-through gifts Fair value Combinations Uncertain tax positions Derivative in a split-interest Consolidation Consolidation Joint costs Introduction Auditing Financial reporting Cash Contributions Split-interest Other assets Investments Property, plant, and equipment Liabilities Net assets Exchange transactions Expenses Auditors' reports Tax Tax Fund accounting | 958-715 958-360 958-605 958-205, 210, 225, 230, 720 958-205 958-320, 325, 205 958-325 958-605, 20 820 958-805 740-10 958-30, 815 958-810 958-810 958-720 958-10 (not in ASC) 958-205, 210, 230 958-210 958-605, 310 958-30, 815 958-605, 360 958-320, 325 958-360 958-405, 450, 720 958-225 958-605, 310 958-720, 225 (not in ASC) 958-10 (not in ASC) (not in ASC) |
Accounting Standards Updates Issued During 2014 through 2016
| ASU Number | Topic | Chapter |
| 2014-01 | Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects |
| 2014-02 | Intangibles—Goodwill and Other (Topic 350): Accounting for Goodwill—a consensus of the Private Company Council |
| 2014-03 | Derivatives and Hedging (Topic 815): Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps—Simplified Hedge Accounting Approach—a consensus of the Private Company Council |
| 2014-04 | Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Loans upon Foreclosures |
| 2014-05 | Service Concession Arrangements (Topic 853) | 28 |
| 2014-06 | Technical Corrections and Improvements Related to Glossary Terms |
| 2014-07 | Consolidation (Topic 810): Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements—a consensus of the Private Company Council |
| 2014-08 | Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity |
| 2014-09 | Revenue from Contracts with Customers (Topic 606) | 9 |
| 2014-10 | Development State Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation |
| 2014-11 | Transfers and Service (Topic 860): Repurchase-to-Maturity Transaction, Repurchase Financings, and Disclosures |
| 2014-12 | Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period |
| 2014-13 | Consolidation (Topic 810) Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity |
| 2014-14 | Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40) Clarification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure |
| 2014-15 | Presentation of Financial Statements – Going Concern (Subtopic 205-40) Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern | 23 |
| 2014-16 | Derivatives and Hedging (Topic 815) Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity |
| 2014-17 | Business Combinations (Topic 805) Pushdown Accounting | 24 |
| 2014-18 | Business Combinations (Topic 805) Accounting for Identifiable Intangible Assets in a Business Combination |
| 2015-01 | Income Statement – Extraordinary and Unusual Items (Subtopic 225-20) Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items | 6 |
| 2015-02 | Consolidation (Topic 810) Amendments to the Consolidation Analysis | 11 |
| 2015-03 | Interest – Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs | 26 |
| 2015-04 | Compensation – Retirement Benefits (Topic 715) Practical Expedient for the Measurement Date of an Employer's Defined Benefit Obligation and Plan Assets | 25 |
| 2015-05 | Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40) Customer's Accounting for Fees Paid in a Cloud Computing Arrangement | 22 |
| 2015-06 | Earnings Per Share (Topic 260) Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions |
| 2015-07 | Fair Value Measurement (Topic 820) Disclosures for Investments in Certain Entities That Calculate Net... |
| Erscheint lt. Verlag | 6.7.2017 |
|---|---|
| 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 | 1-119-38538-5 / 1119385385 |
| ISBN-13 | 978-1-119-38538-7 / 9781119385387 |
| Haben Sie eine Frage zum Produkt? |
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