Not-for-Profit Entities - AICPA Audit and Accounting Guide

AICPA Audit & Accounting Guides are developed and updated with the assistance of industry experts to provide guidance and discussions specific to the industry. The Not-for-Profit Audit and Accounting Guideprovides guidance on common accounting and audit practices in the not-for-profit industry including: understanding the unique accounting and auditing issues for not-for-profit entities; principles for reporting net assets and related disclosures; accounting for contributions and receivables; accounting for and reporting investments; auditing net asset classification and revenue and expense recognition.

Updated as of March 1, 2012, the guide includes relevant guidance contained in applicable standards and other technical sources. Whether you are a financial statement preparer or auditor it is critical to understand the complexities of the not-for-profit industry including revenue and expense recognition, asset valuation, and financial statement presentation. This guide offers clear and practical guidance on recent developments in areas such as risk assessment and provides in depth discussion of accounting considerations with examples of the presentation and disclosure requirements for a variety of types of contributions, including split interest agreements. Additionally, this guide provides a thorough discussion of the application and disclosures of fair value measurements and the fair value option.

Accounting Standards Update No. 2011-04,  Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs; Accounting Standards Update No. 2011-08,  Intangibles-Goodwill and Other (Topic 350): Testing Goodwill for Impairment; Statement on Auditing Standards No. 122, Statements on Auditing Standards: Clarification and Recodification.