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Title Auditing and Accounting Guide : Not-For-Profit Entities 2017 / by AICP staff
Published Newark : John Wiley & Sons, Incorporated, 2018
©2018
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Description 1 online resource (872 pages)
Series AICPA Audit and Accounting Guide Ser
AICPA Audit and Accounting Guide Ser
Contents Intro -- Title page -- Copyright -- Preface -- Chapter 1 Introduction -- Scope -- Entities -- Basis of Accounting -- Level of Service -- GAAP for NFPs -- Fund Accounting and Net Asset Classes -- Other Resources for Financial Reporting by NFPs -- Chapter 2 General Auditing Considerations -- Overview -- Purpose of an Audit of Financial Statements -- Audit Risk -- Terms of Engagement -- Audit Planning Considerations -- Group Audits -- Using the Work of an Auditor's Specialist -- Materiality -- Related-Party Transactions -- Consideration of Errors and Fraud -- Compliance With Laws and Regulations -- Processing of Transactions by Service Organizations -- Use of Assertions in Assessment of Risks of Material Misstatement -- Risk Assessment Procedures -- Risk Assessment Procedures and Related Activities -- Analytical Procedures -- Discussion Among the Audit Team -- Understanding of the Entity and Its Environment, Including the Entity's Internal Control -- Using Risk Assessment to Design Further Audit Procedures -- Identifying and Assessing the Risks of Material Misstatement -- Risks That Require Special Audit Consideration -- Designing and Performing Further Audit Procedures -- Evaluating the Sufficiency and Appropriateness of Audit Evidence -- Evaluation of Misstatements Identified During the Audit -- Communication With Those Charged With Governance -- Completing the Audit -- Going-Concern Considerations -- Written Representations -- Audit Documentation -- Appendix A - Consideration of Fraud in a Financial Statement Audit -- Chapter 3 Financial Statements, the Reporting Entity, and General Financial Reporting Matters -- Introduction -- Statement of Financial Position -- Effects of Restrictions, Designations, and Other Limitations on Liquidity -- Classification of Net Assets -- Statement of Activities
Reporting Expenses, Including in a Statement of Functional Expenses -- Statement of Cash Flows -- Comparative Financial Information -- Reporting of Related Entities, Including Consolidation -- Relationships With Another NFP -- Relationships With a For-Profit Entity -- Consolidation of a Special-Purpose Leasing Entity -- Consolidated Financial Statements -- Parent-Only and Subsidiary-Only Financial Statements -- Combined Financial Statements -- Mergers and Acquisitions -- Merger of Not-for-Profit Entities -- Acquisition by a Not-for-Profit Entity -- Collaborative Arrangements -- The Use of Fair Value Measures -- Definition of Fair Value -- Valuation Approaches and Techniques -- The Fair Value Hierarchy -- Additional Guidance for Fair Value Measurement in Special Circumstances -- Disclosures -- Fair Value Option -- Financial Statement Disclosures Not Considered Elsewhere -- Noncompliance With Donor-Imposed Restrictions -- Risks and Uncertainties -- Subsequent Events -- Related Party Transactions -- Auditing -- Financial Statement Close Process -- Operating and Nonoperating Classifications in the Statement of Activities -- Consolidation -- Liquidity -- Mergers and Acquisitions -- Noncompliance With Donor-Imposed Restrictions -- Supplement A - Flowcharts -- Appendix A - Financial Statements Prepared in Accordance With FASB ASU No. 2016-14 -- Chapter 4 Cash, Cash Equivalents, and Investments -- Cash and Cash Equivalents -- Investments Discussed in This Chapter -- Initial Recognition and Measurement of Investments -- Valuation of Investments Subsequent to Acquisition -- Equity Securities With Readily Determinable Fair Value (Other Than Consolidated Subsidiaries and Equity Securities Reported Under the Equity Method) and All Debt Securities -- Investments That Are Accounted for Under the Equity Method or a Fair Value Election -- Derivative Instruments
Other Investments -- Decline in Fair Value After the Date of the Financial Statements -- Fair Value Measurements -- Investment Income and Expenses -- Unrealized and Realized Gains and Losses -- Investments Held as an Agent -- Investment Pools -- Self-Managed Investment Pools -- Investment Pools Managed by a Financially Interrelated Entity -- Investment Pools Managed by Third Parties -- Endowment Funds -- Financial Statement Presentation -- Cash and Cash Equivalents -- Investments -- Disclosures -- Auditing -- Endowment Funds -- Investment Pools -- Audit Objectives and Procedures -- Appendix A - Determining Fair Value of Alternative Investments -- Chapter 5 Contributions Received and Agency Transactions -- Introduction -- Distinguishing Contributions From Other Transactions -- Agency Transactions -- Variance Power -- Financially Interrelated Entities -- Similar Transactions That Are Revocable, Repayable, or Reciprocal -- Exchange Transactions -- Core Recognition and Measurement Principles for Contributions -- Recognition Principles -- Measurement Principles -- Recognition If a Donor Imposes a Condition -- Recognition If a Donor Imposes a Restriction -- Additional Accounting Considerations for Certain Contributions -- Promises to Give -- Contributed Services -- Special Events -- Gifts in Kind -- Contributed Items to Be Sold at Fund-raising Events -- Contributed Fund-raising Material, Informational Material, or Advertising, Including Media Time or Space -- Contributed Utilities and Use of Long-Lived Assets -- Guarantees -- Below-Market Interest Rate Loans -- Contributed Collection Items -- Split-Interest Agreements -- Administrative Costs of Restricted Contributions -- Measurement Principles for Contributions Receivable -- Present Value Techniques -- Organization of the Measurement Guidance -- Initial Measurement -- Subsequent Measurement
Financial Statement Presentation -- Disclosures -- Illustrative Disclosures -- Auditing -- Contributions Receivable -- Agency Transactions -- Appendix A - Excerpt From AICPA Financial Reporting White Paper Measurement of Fair Value for Certain Transactions of Not-for-Profit Entities -- Appendix B - Technical Questions and Answers About Financially Interrelated Entities -- Chapter 6 Split-Interest Agreements and Beneficial Interests in Trusts -- Introduction -- Types of Split-Interest Agreements -- Recognition and Measurement Principles -- Use of Fair Value Measures -- Recognition of Revocable Agreements -- Recognition of Irrevocable Agreements -- Initial Recognition and Measurement of Unconditional Irrevocable Agreements Other Than Pooled Income Funds or Net Income Unitrusts -- Initial Recognition and Measurement of Pooled Income Funds and Net Income Unitrusts -- Recognition and Measurement During the Agreement's Term for Unconditional Irrevocable Agreements Other Than Pooled Income Funds or Net Income Unitrusts -- Recognition and Measurement During the Agreement's Term for Pooled Income Funds and Net Income Unitrusts -- Recognition Upon Termination of Agreement -- Purchase of Annuity Contracts to Make Distributions to the Beneficiaries -- Financial Statement Presentation -- Statement of Financial Position -- Statement of Activities -- Disclosures -- Examples of Split-Interest Agreements -- Charitable Lead Trust -- Perpetual Trust Held by a Third Party -- Charitable Remainder Trust -- Charitable Gift Annuity -- Pooled (Life) Income Fund -- Life Interest in Real Estate -- Auditing -- Appendix A - Excerpt From AICPA White Paper Measurement of Fair Value for Certain Transactions of Not-for-Profit Entities -- Appendix B - Journal Entries -- Chapter 7 Other Assets -- Introduction -- Inventory -- Acting as an Agent in a Sale of Commodities
Prepaid Expenses, Deferred Costs, and Similar Items -- Collections and Works of Art, Historical Treasures, or Similar Assets -- Financial Statement Presentation of Collections -- Illustrative Disclosures About Collections -- Goodwill -- Intangible Assets Other Than Goodwill -- Auditing -- Inventory -- Goodwill -- Collection Items -- Chapter 8 Programmatic Investments -- Introduction -- Core Considerations for Accounting and Reporting -- Loans -- Effective Interest Rate Approach -- Inherent Contribution Approach -- Loans That Contain a Right to Profit From the Sale or Refinancing of Property -- Forgiveness of Programmatic Loans -- Impairment of Programmatic Loans -- Disclosures About Programmatic Loans -- Equity Instruments -- Programmatic Equity Investments That Are Consolidated -- Programmatic Equity Investments Reported Using the Equity Method -- Programmatic Equity Investments Reported Using Fair Value -- Programmatic Equity Investments Reported Using a Cost Method -- Disclosures About Programmatic Equity Instruments -- Guarantees -- Concentrations of Risk -- Presentation of Programmatic Investments -- Contributed Resources for Making Programmatic Investments -- Agency Resources for Making Programmatic Investments -- Program-Related Investments of Private Foundations -- Auditing -- Chapter 9 Property and Equipment -- Introduction -- Recognition and Measurement Principles -- Contributed Property and Equipment -- Use of Property and Equipment Owned by Others -- Capitalized Interest -- Depreciation and Amortization -- Expiration of Restrictions on Property and Equipment -- Impairment or Disposal of Long-Lived Assets -- Asset Retirement Obligations -- Gains and Losses -- Financial Statement Presentation -- Auditing -- Property and Equipment Additions -- Account Balances -- Chapter 10 Debt and Other Liabilities -- Introduction -- Fair Value Measurement
Municipal Bond Financing and Other Long-Term Debt
Notes Description based on publisher supplied metadata and other sources
Subject Nonprofit organizations -- United States -- Accounting.
Nonprofit organizations -- United States -- Auditing.
Charities -- United States -- Accounting.
Charities -- United States -- Auditing.
Form Electronic book
Author American Institute of Certified Public Accountants.
ISBN 9781948306201 (electronic bk)