Financial statement preparation for not-for-profit entities can be complex. Whether you are preparing or auditing them, you'll find the tools you need in this helpful resource. This checklist contains the most comprehensive financial reporting and disclosure guidance available, plus a complete set of illustrative financial statements to assist you in understanding and applying standards like ASU 2016-14, 2018-08, and 2014-09. Key features include: Designed to assist auditors and preparers in overcoming the complexities of financial statement preparation for not-for-profit entities.
New for 2017--ASU No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. Questions have been added to the checklist for those entities that may wish to early adopt this standard. Updates include: (ASU) No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, a consensus of the FASB Emerging Issues Task Force ASU No. 2017-02, Not-for-Profit Entities – Consolidation (Subtopic 958-810): Clarifying When a Not-for-Profit Entity That Is a General Partner or a Limited Partner Should Consolidate a For-Profit Limited Partnership or Similar Entity (ASU) No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment Statement on Auditing Standards (SAS) No. 132, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern, Forming an Opinion and Reporting on Financial Statements (AICPA, Professional Standards, AU-C sec. 570) Statement on Standards for Accounting and Review Services No. 23, Statements on Standards for Accounting and Review Services: Omnibus Statement on Standards for Accounting and Review Services-2016 (AICPA, Professional Standards)
Financial statement preparation for not-for-profit entities can be complex. Whether preparing or auditing them, accountants will find the tools they need in this helpful resource. This checklist contains the most comprehensive financial reporting and disclosure guidance available, plus a complete set of illustrative financial statements to assist you in understanding and applying standards like ASU 2018-08, and 2014-09. New in 2020: revenue recognition grants and contracts
