Wiley Not-for-Profit GAAP 2017 (eBook)
560 Seiten
Wiley (Verlag)
978-1-119-38531-8 (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.
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
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
Wiley Not-for-Profit GAAP 2017 1
Contents 7
Preface 9
About the Authors 11
Not-for-Profit Accounting Literature 13
Part 1: Overview of Not-for-Profit Organizations 19
1: Overview of Not-for-Profit Organizations 21
Perspective and Issues 21
Key Differences between Not-for-Profit and Profit Organizations 23
Resource Use Consideration 25
Generally Accepted Accounting Principles 25
2: Cash versus Accrual-Basis Accounting 29
Perspective and Issues 29
Concepts, Rules, and Examples 29
Advantages of Cash Basis 31
Advantages of Accrual Basis 33
Combination Cash Accounting and Accrual Statements 34
Modified Cash Basis 35
When Accrual-Basis Reporting Should Be Used 36
Legal Requirements 36
Conclusion 37
Part 2: Basic Financial Statements 39
3: Statement of Financial Position 41
Perspective and Issues 41
Concepts, Rules, and Examples 41
Liquidity 43
Offsetting Assets and Liabilities 44
Acceptable Formats 46
Disclosure Requirements 47
4: Statement of Activities 49
Perspective and Issues 49
Concepts, Rules, and Examples 50
Elements of the Change in Net Assets 50
Classification of Revenues, Expenses, Gains and Losses, and Reclassifications 51
Information about Gross Amounts of Revenues and Expenses 52
Information about an Organization’s Operations 53
Information about an Organization’s Service Efforts 53
Financial Statement Presentation 53
Disclosure Requirements 57
5: Statement of Cash Flows 59
Perspective and Issues 59
Concepts, Rules, and Examples 60
Classification of the Statement of Cash Flows 60
Definition of Cash and Cash Equivalents 61
Operating Activities Presentation 64
Cash Flows from Investing Activities 67
Discussing Gross and Net Cash Flows 67
Cash Flows from Financing Activities 69
Noncash Investing and Financing Activities 69
Disclosure Requirements 72
6: Other Financial Statement Issues 75
Comparative Financial Information 75
Perspective and Issues 75
Concepts, Rules, and Examples 76
Disclosure Requirements 76
Presenting Fund and Net Asset Information 76
A Complicated Set of Class Financial Statements 77
Interim Reporting 84
Perspective and Issues 84
Concepts, Rules, and Examples 85
Revenue and Expense Recognition 86
Inventories 87
Other Costs and Expenses 87
Unrelated Business Income Taxes 88
Discontinued Operations and Extraordinary Items 88
Accounting Changes 88
Contingent Items 89
Seasonality 89
Fourth Quarter Adjustments 89
Disclosure Requirements 89
Subsequent Events 90
Definition 90
Public Entities 91
Conduit Debt Obligors 92
Part 3: Specific Not-for-Profit Accounting Topics 93
7: Fund Accounting 95
Perspective and Issues 95
Concepts, Rules, and Examples 97
Categories of Funds 98
Alternative Fund Groupings 100
A Typical Set of “Fund” Financial Statements 101
Elimination of Funds for Reporting Purposes 104
Conclusion 106
8: Net Assets 107
Perspective and Issues 107
Concepts, Rules, and Examples 108
Unrestricted Net Assets 108
Temporarily Restricted Net Assets 110
Permanently Restricted Net Assets 110
Changing Net Asset Classification Reported in a Prior Year 111
Endowment Fund Reporting 111
Financial Statement Presentation 112
Disclosure Requirements 113
ASU 2016-14 Changes to Net Asset Classifications and Endowments 114
9: Contributions, Pledges, Noncash Contributions, and Exchange Transactions 117
Perspective and Issues 117
Concepts, Rules, and Examples 118
Expendable Current Support 118
Gifts-in-Kind 124
Support Not Currently Expendable 131
Exchange Transactions 138
Step 1: Identify the Contract with a Customer 140
Step 2: Identify the Performance Obligations in the Contract 140
Step 3: Determine the Transaction Price 141
Step 4: Allocate the Transaction Price to the Performance Obligations in the Contract 142
Step 5: Recognize Revenue When (or As) the Entity Satisfies a Performance Obligation 142
Costs to Obtain or Fulfil a Contract with a Customer 143
Troubled Debt Restructurings—Creditors 144
Appendix A Checklist 146
Appendix B Checklist 148
Appendix C Checklist 150
Appendix D Checklist 151
Appendix E Checklist 153
Appendix F Checklist 156
Appendix G Checklist 159
Disclosure Requirements 160
10: Investments 163
Perspective and Issues 163
Concepts, Rules, and Examples 164
Reporting Realized Gains and Losses 165
Fair Value Disclosures of Investments 166
Investments in Certain Entities That Calculate Net Asset Value Per Share 169
Liquidity Restrictions and Other Investment Disclosure Considerations 170
Loans Acquired in a Transfer 171
Donor-Restricted Endowment Funds 171
Investment Income 172
Alternative Investments 174
Impairment of Equity Securities Reported at Cost 174
Equity Method of Accounting 176
Accounting Rules 177
Equity Method Application 178
Disclosure Requirements 180
Investments 180
Equity Method 181
11: Affiliated Organizations 183
Perspective and Issues 183
Concepts, Rules, and Examples 184
Types of Relationships Often Found 184
Definition of the Reporting Entity 186
Reporting of Related Entities 186
Concepts, Rules, and Examples 186
Related-Party Disclosures 186
Investments in For-Profit Entities 188
Financially Interrelated Not-For-Profit Organizations 190
Recent Guidance on Consolidations and Equity Method Guidance 191
Disclosures 193
Pass-Through Gifts 194
Accounting by Beneficiaries 198
Transfer of Assets That Are Not Contributions 200
Disclosures 201
Appendix A Checklist 202
12: Split-Interest Agreements 205
Perspective and Issues 205
Concepts, Rules, and Examples 206
Revocable Split-Interest Agreements 206
Irrevocable Split-Interest Agreements 207
Financial Statement Presentation 208
Examples of Split-Interest Agreements 209
Split-Interest Agreements with Embedded Derivative Instruments 212
Disclosure Requirements 214
13: Fundraising and Joint Costs 215
Perspective and Issues 215
Concepts, Rules, and Examples 216
Joint Costs That Include a Fundraising Appeal 216
Contributed Items Used for Fundraising Purposes 221
Reporting Special Events 222
Reporting No Fundraising Expenses 224
Disclosure Requirements 225
Appendix A Checklist 226
14: Functional Reporting 229
Perspective and Issues 229
Concepts, Rules, and Examples 230
Functional Classifications 230
Reporting 232
Disclosure Requirements 232
15: Collections 235
Perspective and Issues 235
Concepts, Rules, and Examples 236
All Collection Items Are Capitalized 236
Collection Items Not Capitalized 237
Collections Capitalized after SFAS 116 Was Adopted 237
Disclosure Requirements 237
Part 4: Other Accounting-Related Not-for-Profit Topics 239
16: Accounting for Specific Types of Not-for-Profits 241
Perspective and Issues 241
Associations and Professional Societies 242
Reporting on a Functional Basis 242
Reporting of Sections or Groups 242
Use of Appropriation Accounting 243
Separate Charitable Organizations 243
Churches 244
Cash Basis Accounting 244
Fixed Assets and Depreciation 244
Adequacy of the Bookkeeping Staff 244
Clubs 244
Capital Shares and Initiation Fees 245
Fixed Asset Accounting 245
Unrelated Business Income 246
Libraries 246
Recording a Value for Books 246
Museums 246
Valuing the Collection as an Asset 246
Fixed Asset Accounting 247
Contributed Facilities 247
Performing Arts Organizations 247
Recognition of Expenses 247
Recognition of Ticket Revenue 248
Recording Costumes and Stage Scenery as Fixed Assets 248
Financial Statement Presentation 248
Private Foundations 249
Timing of Recording Liability for Grants Awarded to Others 249
Community Foundations 251
Religious Organizations Other than Churches 251
Combined Financial Statements 251
Allocations from Other Organizations 251
Research and Scientific Organizations 251
Timing of Recording Contract Revenue 252
Recording Future Grant Awards 252
Private Elementary and Secondary Schools 252
Depreciation Accounting 253
Accounting Manual 253
Public Broadcasting Stations 253
Other Accounting Guidance 253
Grants Received/Program Underwriting 253
Donated Services of Volunteers 254
Program Production Costs 254
Fixed Assets 254
Member Dues/Pledges 254
17: Importance of Budgets to a Not-for-Profit 255
Perspective and Issues 255
Functions of the Budget 255
Steps for Preparation 256
Levels of Reserves 257
Responsibility for Budget Preparation 259
Monthly and Quarterly Budgets 260
Allocating an Annual Budget to Monthly or Quarterly Periods 260
Illustrative Expense Budget 261
Timely Interim Statements 262
Importance of Budget Comparison 264
Alternate Presentation 264
Variable Budget 265
Narrative Report on Deviations from Budget 267
Action by the Board 268
A Five-Year Master Plan 269
Suggested Procedures 269
Illustrative Master Plan 270
Conclusion 272
18: Principal Federal and State Tax Reporting and Regulatory Requirements 273
The Importance of Meeting Federal and State Reporting Requirements 274
Intermediate Sanctions 275
Private Inurement 276
Organizations Exempt from Tax 276
Charitable Organizations 277
Private Foundations 279
Excise Tax on Investment Income 280
Tax Consequences of Gifts of Securities 281
Distribution of Income 281
Excess Business Holdings 283
Prohibited Transactions 283
Annual Information Return 284
Private Operating Foundations 284
Qualifying Tests 284
Advantages 285
Other Concerns for Charities 285
Contribution Disclosures 285
Contribution Acknowledgments 285
Solicitation Disclosures 285
Excise Tax Considerations 286
Summary of Individual Tax Deductions 286
Noncharitable Exempt Organizations 288
Social and Recreation Clubs 288
Trade Associations 290
Title-Holding Companies 290
Unrelated Business Income 291
Definition 291
Tax Rates on Unrelated Business Income 293
Need for Competent Tax Advice 293
Uncertainty in Income Tax Provisions 293
Registration and Reporting 294
Initial Registration 294
Annual Information Returns 295
Return Inspection 295
Reports by Recipients of Federal Support 295
Principal Federal Tax forms Filed 296
Form 990: Return of Organization Exempt from Income Tax 296
Form 990-EZ: Short Form 300
Form 990-N: e-Postcard 300
Form 990-PF: Return of Private Foundation 300
Form 990-T: Exempt Organization Business Income Tax Return 301
Conclusion 301
State Compliance Requirements 301
Registration for Organizations Soliciting Funds 302
Registration for Organizations Having Assets within the State 302
Part 5: General Accounting Topics Applied to Not-for-Profit Organizations 335
19: Current Assets and Current Liabilities 337
Perspective and Issues 337
Concepts, Rules, and Examples 338
Current Assets 338
Noncurrent Assets 340
Current Liabilities 340
Noncurrent Liabilities 340
Other Liabilities 341
Offsetting Assets and Liabilities 341
Callable Obligations 343
Short-Term Obligations Expected to Be Refinanced 343
Disclosure Requirements 344
20: Inventory 345
Perspective and Issues 345
Concepts, Rules, and Examples 346
Valuation of Inventories 346
Full Absorption Costing 346
Direct Costing 347
Specific Identification 347
Cost Flow Assumptions 348
First-In, First-Out (FIFO) 348
Last-In, First-Out (LIFO) 349
Donated Inventories 351
Interim Financial Statements 351
Inventory Values in Business Combinations 352
Disclosure Requirements 352
21: Long-Lived Assets, Depreciation, and Impairment 353
Perspective and Issues 353
Concepts, Rules, and Examples 354
Asset Cost 354
Contributed Long-Lived Assets 354
Depreciation Methods 355
Partial-Year Depreciation 357
Changes in Depreciation Calculations in Estimated Useful Life and Salvage Value 358
Impairment of Long-Lived Assets 358
Recoverability of an Asset 358
Assets to Be Disposed Of 360
Asset Retirement Obligations 361
Disclosure Requirements 363
Long-Lived Assets and Depreciation 363
Impaired Long-Lived Assets 363
Assets to Be Disposed Of 363
Asset Retirement Obligations 364
22: Intangible Assets 365
Perspective and Issues 365
Concepts, Rules, and Examples 365
Recording Intangible Assets 365
Internally Developed Intangible Assets 366
Determining the Useful Life of an Intangible Asset 366
Amortization of Intangible Assets 366
Internally Developed Intangibles 367
Goodwill 369
Recognition and Measurement of an Impairment Loss 369
Zero or Negative Goodwill of Reporting Units 370
Disclosure Requirements 371
23: Contingencies 373
Perspective and Issues 373
Concepts, Rules, and Examples 374
Loss Contingencies 374
Specific Loss Contingencies 375
Gain Contingencies 381
Accounting for Uncertainty in Income Taxes (FASB ASC 740-10) 381
Disclosure Requirements 383
Loss Contingencies 383
Description/Examples of Required Disclosures 383
24: Mergers and Acquisitions 389
Perspective and Issues 389
Accounting for Mergers and Acquisitions of Not-for-Profit Organizations 390
Distinguishing between a Merger and an Acquisition 390
Accounting for a Merger 391
Accounting for an Acquisition 392
Consideration Transferred 396
Measurement Period 397
Presentation 397
Goodwill and Other Intangible Assets Acquired in an Acquisition 397
Previously Recognized Goodwill 397
Push Down Accounting 397
Disclosures 398
Disclosures for a Merger 398
Disclosures for an Acquisition 399
Conclusion 403
25: Accounting for Pensions and Postretirement Benefits 405
Perspective and Issues 405
Pension Plans 406
Postemployment Benefits Other than Pensions 406
Disclosure Standards 407
Definitions of Terms 407
Concepts, Rules, and Examples 411
Net Periodic Pension Cost 412
Summary of Net Periodic Pension Costs 418
Accounting Requirements of FASB ASC 715-20 418
Recognition of the Funded Status of a Single-Employer Defined Benefit Postretirement Plan 419
Measurement Date of Plan Assets and Benefit Obligations 420
Disclosure Requirements 420
Other Pension Considerations 420
Plan Settlements and Curtailments 421
Postretirement Benefits Other than Pensions (OPEB) 423
Accounting for Postretirement Benefits 424
Disclosure Requirements 428
Full Disclosures 428
Multiemployer Plans That Provide Pension Benefits 431
Multiemployer Plans That Provide Postretirement Benefits Other than Pensions 433
Employers with Two or More Plans 434
Reduced Disclosure Requirements for Nonpublic Entities 434
26: Long-Term Liabilities 441
Perspective and Issues 441
Concepts, Rules, and Examples 441
Notes and Bonds 441
Extinguishment of Debt 445
Troubled Debt Restructurings 448
Accounting for Costs Associated With Exit or Disposal Activites 453
Scope 453
Liability Recognition 454
One-Time Termination Benefits 454
Contract Termination Costs 455
Statement of Activities Presentation 455
Disclosures 456
Environmental Remediation Liability 456
27: Accounting Changes 459
Perspective and Issues 459
Change in Accounting Principle 460
Changes in Accounting Estimate 463
Change in the Reporting Entity 463
Correction of an Error in Previously Issued Financial Statements 464
28: Accounting for Leases 465
Perspective and Issues 465
Lessee Accounting 466
Lessor Accounting 467
Definition of a Lease 467
Components 467
Effective Date 468
Definitions of Terms 468
Concepts, Rules, and Examples 471
Classification of Leases—Lessee 471
Classification of Leases—Lessor 472
Distinction between Sales-Type, Direct Financing, and Leveraged Leases 472
Accounting for Leases—Lessee 474
Accounting for Leases—Lessor 479
Special Situations 484
Sale-Leaseback Transactions 489
Leases Involving Real Estate 492
Reporting of Current and Noncurrent Lease Receivable (Lessor) and Lease Obligations (Lessee) 496
Disclosure Requirements 496
Disclosure Requirements—Lessees 496
Disclosure Requirements—Lessors 497
29: Financial Instruments 501
Perspective and Issues 501
Concepts, Rules, and Examples 501
Derivative Instruments 501
Disclosure Requirements—Not-for-Profit Organizations 504
Concentration of Credit Risk 507
Fair Value Disclosures 508
Fair Value Measurement Option 509
30: Capitalization of Interest Costs 513
Perspective and Issues 513
Concepts, Rules, and Examples 513
The Amount of Interest Capitalized 514
Determining the Time Period for Interest Capitalization 516
Capitalization of Interest Costs Incurred on Tax-Exempt Borrowings 517
Assets Acquired with Gifts or Grants 517
Land 517
Summary of Interest Capitalization Requirements 517
Disclosure Requirements 518
Appendix: Disclosure Checklist 519
Index 549
End User License Agreement 561
| 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 | 1-119-38531-8 / 1119385318 |
| ISBN-13 | 978-1-119-38531-8 / 9781119385318 |
| Haben Sie eine Frage zum Produkt? |
PDF (Adobe DRM)Größe: 37,8 MB
Kopierschutz: Adobe-DRM
Adobe-DRM ist ein Kopierschutz, der das eBook vor Mißbrauch schützen soll. Dabei wird das eBook bereits beim Download auf Ihre persönliche Adobe-ID autorisiert. Lesen können Sie das eBook dann nur auf den Geräten, welche ebenfalls auf Ihre Adobe-ID registriert sind.
Details zum Adobe-DRM
Dateiformat: PDF (Portable Document Format)
Mit einem festen Seitenlayout eignet sich die PDF besonders für Fachbücher mit Spalten, Tabellen und Abbildungen. Eine PDF kann auf fast allen Geräten angezeigt werden, ist aber für kleine Displays (Smartphone, eReader) nur eingeschränkt geeignet.
Systemvoraussetzungen:
PC/Mac: Mit einem PC oder Mac können Sie dieses eBook lesen. Sie benötigen eine
eReader: Dieses eBook kann mit (fast) allen eBook-Readern gelesen werden. Mit dem amazon-Kindle ist es aber nicht kompatibel.
Smartphone/Tablet: Egal ob Apple oder Android, dieses eBook können Sie lesen. Sie benötigen eine
Geräteliste und zusätzliche Hinweise
Buying eBooks from abroad
For tax law reasons we can sell eBooks just within Germany and Switzerland. Regrettably we cannot fulfill eBook-orders from other countries.
aus dem Bereich
