Wiley Not-for-Profit GAAP 2018: Interpretation and Application of Generally Accepted Accounting Principles
Not-for-proﬁt accounting is a specialized ﬁeld of accounting that is receiving a growing level of attention. Over one million not-for-proﬁt organizations currently operating in the United States have unique accounting and ﬁnancial reporting issues that must be understood by a growing number of not-for-proﬁt organization ﬁnancial statement preparers and users.
The Financial Accounting Standards Board (FASB) has issued a series of statements and accounting standards updates that have signiﬁcantly affected how not-for-proﬁt organizations account for and report their activities and ﬁnancial position. In 2016 the FASB issued an Accounting Standards Update that brings some important changes to certain aspects of the ﬁnancial reporting model used by not-for-proﬁt organizations. The FASB has also been active in many areas that affect a broad range of business and other organizations, including not-for-proﬁt organizations. For example, ﬁnancial instruments, intangible assets, pension obligations, fair value measurements, revenue recognition, and lease accounting have all been areas that have been impacted by recent FASB pronouncements. All of these topics are examined in detail in this book.
This book incorporates the codiﬁcation of accounting standards into the FASB Accounting Standards Codiﬁcation (the “Codiﬁcation” or “FASB ASC”). The FASB essentially eliminated the statements on standards and other accounting literature and replaced them with the FASB ASC, which is updated by Accounting Standards Updates as the mechanism of promulgating changes in generally accepted accounting principles.
Despite the steady stream of accounting pronouncements that affect not-for-proﬁt organi-zations, it’s important to understand that accounting standards setting has been inﬂuenced by a great deal of recent change. The Sarbanes-Oxley Act of 2002 created the Public Company Accounting Oversight Board (PCAOB), which has responsibility for setting auditing and other standards for public companies. Even with all of the new requirements and changes, the FASB continues to set generally accepted accounting principles for both public and nonpublic entities, including not-for-proﬁt organizations. However, the FASB’s agenda has focused more on issues affecting public companies, which has likely been inﬂuenced by the changes in the regulatory environment and issues highlighted by the numerous accounting shortcomings, and by the turmoil that was experienced in the ﬁnancial markets. This changed a bit as the FASB established a Not-for-Proﬁt Advisory Committee, which has reexamined the reporting model used by not-for-proﬁt organizations and has made suggestions to the FASB to improve the ﬁnancial reporting of these organizations. Some of these changes have been promulgated in an Accounting Standards Update issued in 2016. Additional changes may well result from future FASB deliberations. In addition, the American Institute of CPAs (AICPA), through technical practice aids, industry risk alerts, and accounting and auditing guides, continues to be an important contributor to the body of accounting principles used by not-for-proﬁt organizations. It also signiﬁcantly revised its accounting and audit guide for not-for-proﬁt organizations in the recent past.
This book is designed as a complete and easy-to-use reference guide for ﬁnancial statement preparers and users, as well as for auditors of not-for-proﬁt organizations. It focuses on three key areas:
• Distinguishing characteristics of not-for-proﬁt organizations and their ﬁnancial accounting and reporting;
• Accounting areas that are unique to not-for-proﬁt organizations;
• General areas of accounting that are applicable to the accounting and ﬁnancial reporting of not-for-proﬁt organizations.
This book would not have been possible without the hard work and efforts of many individuals. John DeRemigis and Pam Reh contributed greatly to the production efforts over many years. The authors are greatly appreciative of their efforts as well as those of the current editorial and production teams.
Richard F. Larkin, CPA
|Download Ebook||Read Now||File Type||Upload Date|
|December 2, 2019|
Do you like this book? Please share with your friends, let's read it !! :)
How to Read and Open File Type for PC ?