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Audit and Accounting Guide: Not-for-Profit Entities, 2018

Audit and Accounting Guide: Not-for-Profit Entities, 2018

  • Author:
  • Publisher: John Wiley & Sons
  • ISBN: 9781948306195
  • Published In: April 2018
  • Format: Paperback , 848 pages
  • Jurisdiction: U.S. ? Disclaimer:
    Countri(es) stated herein are used as reference only

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    This AICPA Accounting and Auditing Guide is a must-have for the resource libraries of accounting and auditing professionals who work with not-for-profit organizations. This essential reference book assists accountants in the unique aspects of accounting and financial statement preparation and auditing for not-for-profit entities. Created with common errors and questions in mind, accountants benefit from not-for-profit industry-specific guidance on the issues they are likely to encounter this year.

    The 2018 edition includes guidance on financial reporting changes, reporting donated services between affiliated NFPs, split-interest agreements, contributions and grants, functional expenses and joint costs, and much more. This new edition provides a comprehensive discussion of FASB ASU No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. The discussion includes highlights of the changes that will assist financial statement preparers with implementing the standard. The guide offers dual guidance throughout, providing readers with the “before-and-after” context to enhance their understanding of the changes, as well as two all-inclusive appendices. 

  • Chapter 1 Introduction 01-27

    Scope 01-12

    Entities 01-06

    Basis of Accounting 07-10

    Level of Service 11-12

    GAAP for NFPs 13-19

    Fund Accounting and Net Asset Classes 20-25

    Other Resources for Financial Reporting by NFPs 26-27

    Chapter 2 General Auditing Considerations 01-150

    Overview 01-02

    Purpose of an Audit of Financial Statements 03-08

    Audit Risk 05-08

    Terms of Engagement 09-11

    Audit Planning Considerations 12-59

    Group Audits 14-18

    Using the Work of an Auditor’s Specialist 19-24

    Materiality 25-33

    Related-Party Transactions 34-37

    Consideration of Errors and Fraud 38-41

    Compliance with Laws and Regulations 42-56

    Processing of Transactions by Service Organizations 57-59

    Use of Assertions in Assessment of Risks of Material Misstatement 60-64

    Risk Assessment Procedures 65-88

    Risk Assessment Procedures and Related Activities 67-69

    Analytical Procedures 70-72

    Discussion among the Audit Team 73

    Understanding of the Entity and Its Environment, Including the Entity’s Internal Control 74-88

    Using Risk Assessment to Design Further Audit Procedures 89-111

    Identifying and Assessing the Risks of Material Misstatement 90-92

    Risks That Require Special Audit Consideration 93-94

    Designing and Performing Further Audit Procedures 95-110

    Evaluating the Sufficiency and Appropriateness of Audit Evidence 111

    Evaluation of Misstatements Identified During the Audit 112-114

    Communication with Those Charged With Governance 115-121

    Completing the Audit 122-149

    Going-Concern Considerations 122-132

    Written Representations 133-141

    Audit Documentation 142-149

    Appendix A—Consideration of Fraud in a Financial Statement Audit 150

    Chapter 3 Financial Statements, the Reporting Entity, and General Financial Reporting Matters 01-194

    Introduction 01-05

    Statement of Financial Position 06-27

    Effects of Restrictions, Designations, and Other Limitations on Liquidity 09-23

    Classification of Net Assets 24-27

    Statement of Activities 28-45

    Reporting Expenses, Including in a Statement of Functional Expenses 40-45

    Statement of Cash Flows 46-54

    Comparative Financial Information 55-57

    Reporting of Related Entities, Including Consolidation 58-121

    Relationships with another NFP 63-71

    Relationships with a For-Profit Entity 72-99

    Consolidation of a Special-Purpose Leasing Entity 100-101

    Consolidated Financial Statements 102-119

    Parent-Only and Subsidiary-Only Financial Statements 120

    Combined Financial Statements 121

    Mergers and Acquisitions 122-135

    Merger of Not-for-Profit Entities 124-125

    Acquisition by a Not-for-Profit Entity 126-135

    Collaborative Arrangements 136-137

    The Use of Fair Value Measures 138-171

    Definition of Fair Value 141-147

    Valuation Approaches and Techniques 148-154

    The Fair Value Hierarchy 155-158

    Additional Guidance for Fair Value Measurement in Special Circumstances 159-167

    Disclosures 168

    Fair Value Option 169-171

    Financial Statement Disclosures Not Considered Elsewhere 172-184

    Noncompliance with Donor-Imposed Restrictions 173-175

    Risks and Uncertainties 176

    Subsequent Events 177-180

    Related Party Transactions 181-184

    Auditing 185-192

    Financial Statement Close Process 186-187

    Operating and Nonoperating Classifications in the Statement of Activities 188

    Consolidation 189

    Liquidity 190

    Mergers and Acquisitions 191

    Noncompliance with Donor-Imposed Restrictions 192

    Supplement A—Flowcharts 193

    Appendix A—Financial Statements Prepared in

    Accordance with FASB ASU No. 2016-14 194

    Chapter 4 Cash, Cash Equivalents, and Investments 01-118

    Cash and Cash Equivalents 01-04

    Investments Discussed in This Chapter 05-10

    Initial Recognition and Measurement of Investments 11-12

    Valuation of Investments Subsequent to Acquisition 13-44

    Equity Securities with Readily Determinable Fair Value (Other Than Consolidated Subsidiaries and Equity

    Securities Reported Under the Equity Method) and All Debt Securities 17

    Investments That Are Accounted for Under the Equity Method or a Fair Value Election 18-28

    Derivative Instruments 29-37

    Other Investments 38

    Decline in Fair Value after the Date of the Financial Statements 39

    Fair Value Measurements 40-44

    Investment Income and Expenses 45-53

    Unrealized and Realized Gains and Losses 54-56

    Investments Held as an Agent 57

    Investment Pools 58-64

    Self-Managed Investment Pools 58

    Investment Pools Managed by a Financially Interrelated Entity 59

    Investment Pools Managed by Third Parties 60-64

    Endowment Funds 65-79

    Financial Statement Presentation 80-89

    Cash and Cash Equivalents 80-83

    Investments 84-89

    Disclosures 90-102

    Auditing 103-117

    Endowment Funds 108

    Investment Pools 109-114

    Audit Objectives and Procedures 115-117

    Appendix A—Determining Fair Value of Alternative Investments 118

    Chapter 5 Contributions Received and Agency Transactions 01-242

    Introduction 01-04

    Distinguishing Contributions from Other Transactions 05-57

    Agency Transactions 07-22

    Variance Power 23-27

    Financially Interrelated Entities 28-32

    Similar Transactions That Are Revocable, Repayable,or Reciprocal 33-38

    Exchange Transactions 39-57

    Core Recognition and Measurement Principles for Contributions 58-88

    Recognition Principles 59-66

    Measurement Principles 67-70

    Recognition If a Donor Imposes a Condition 71-74

    Recognition If a Donor Imposes a Restriction 75-88

    Additional Accounting Considerations for Certain Contributions 89-179

    Promises to Give 89-111

    Contributed Services 112-117

    Special Events 118-122

    Gifts in Kind 123-149

    Contributed Items to Be Sold at Fund-raising Events 150-151

    Contributed Fund-raising Material, Informational Material, or Advertising, Including Media Time or Space 152-163

    Contributed Utilities and Use of Long-Lived Assets 164-166

    Guarantees 167-171

    Below-Market Interest Rate Loans 172-174

    Contributed Collection Items 175

    Split-Interest Agreements 176

    Administrative Costs of Restricted Contributions 177-179

    Measurement Principles for Contributions Receivable 180-212

    Present Value Techniques 183-186

    Organization of the Measurement Guidance 187

    Initial Measurement 188-196

    Subsequent Measurement 197-212

    Financial Statement Presentation 213-215

    Disclosures 216-222

    Illustrative Disclosures 222

    Auditing 223-240

    Contributions Receivable 237-239

    Agency Transactions 240

    Appendix A—Excerpt From AICPA Financial Reporting White Paper Measurement of Fair Value for Certain Transactions of Not-for-Profit Entities 241

    Appendix B—Technical Questions and Answers about Financially Interrelated Entities 242

    Chapter 6 Split-Interest Agreements and Beneficial Interests in Trusts 01-96

    Introduction 01

    Types of Split-Interest Agreements 02-03

    Recognition and Measurement Principles 04-45

    Use of Fair Value Measures 05-06

    Recognition of Revocable Agreements 07

    Recognition of Irrevocable Agreements 08-12

    Initial Recognition and Measurement of Unconditional Irrevocable Agreements Other Than Pooled Income Funds or Net Income Unitrusts 13-27

    Initial Recognition and Measurement of Pooled Income Funds and Net Income Unitrusts 28

    Recognition and Measurement during the Agreement’s Term for Unconditional Irrevocable Agreements Other Than Pooled Income Funds or Net Income Unitrusts 29-40

    Recognition and Measurement during the Agreement’s Term for Pooled Income Funds and Net Income Unitrusts 41

    Recognition upon Termination of Agreement 42 Purchase of Annuity Contracts to Make Distributions to the Beneficiaries 43-45

    Financial Statement Presentation 46-53

    Statement of Financial Position 46

    Statement of Activities 47

    Disclosures 48-53

    Examples of Split-Interest Agreements 54-88

    Charitable Lead Trust 55-61

    Perpetual Trust Held by a Third Party 62-66

    Charitable Remainder Trust 67-73

    Charitable Gift Annuity 74-78

    Pooled (Life) Income Fund 79-83

    Life Interest in Real Estate 84-88

    Auditing 89-94

    Appendix A—Excerpt From AICPA White Paper Measurement of Fair Value for Certain Transactions of Not-for-Profit Entities 95

    Appendix B—Journal Entries 96

    Chapter 7 Other Assets 01-45

    Introduction 01

    Inventory 02-10

    Acting as an Agent in a Sale of Commodities 10

    Prepaid Expenses, Deferred Costs, and Similar Items 11-15

    Collections and Works of Art, Historical Treasures, or Similar Assets 16-28

    Financial Statement Presentation of Collections 25-27

    Illustrative Disclosures about Collections 28

    Goodwill 29-31

    Intangible Assets Other Than Goodwill 32-35

    Auditing 36-45

    Inventory 37

    Goodwill 38-39

    Collection Items 40-45

    Chapter 8 Programmatic Investments 01-71

    Introduction 01-07

    Core Considerations for Accounting and Reporting 08

    Loans 09-52

    Effective Interest Rate Approach 11-17

    Inherent Contribution Approach 18-33

    Loans That Contain a Right to Profit from the Sale or Refinancing of Property 34

    Forgiveness of Programmatic Loans 35-37

    Impairment of Programmatic Loans 38-50

    Disclosures about Programmatic Loans 51-52

    Equity Instruments 53-61

    Programmatic Equity Investments That Are Consolidated 55

    Programmatic Equity Investments Reported Using the

    Equity Method 56-58

    Programmatic Equity Investments Reported Using Fair Value 59

    Programmatic Equity Investments Reported Using a Cost Method 60

    Disclosures about Programmatic Equity Instruments 61

    Guarantees 62

    Concentrations of Risk 63

    Presentation of Programmatic Investments 64-69

    Contributed Resources for Making Programmatic Investments 64-66

    Agency Resources for Making Programmatic Investments 67-69

    Program-Related Investments of Private Foundations 70

    Auditing 71

    Chapter 9 Property and Equipment 01-49

    Introduction 01-02

    Recognition and Measurement Principles 03-33

    Contributed Property and Equipment 04-07

    Use of Property and Equipment Owned by Others 08-13

    Capitalized Interest 14-19

    Depreciation and Amortization 20-23

    Expiration of Restrictions on Property and Equipment 24

    Impairment or Disposal of Long-Lived Assets 25-29

    Asset Retirement Obligations 30-32

    Gains and Losses 33

    Financial Statement Presentation 34-40

    Auditing 41-49

    Property and Equipment Additions 43-46

    Account Balances 47-49

    Chapter 10 Debt and Other Liabilities 01-117

    Introduction 01

    Fair Value Measurement 02-08

    Municipal Bond Financing and Other Long-Term Debt 09-87

    Joint and Several Liability Arrangements 14-17

    Conduit Bonds That Trade in Public Markets 18-20

    Credit Enhancement 21-23

    Issuance of Municipal Bonds 24-25

    Extinguishment and Modification Transactions 26-53

    IRS Considerations 54-58

    Financial Statement Presentation and Disclosure 59-86

    Annual Filing Requirements 87

    Tax Liabilities 88

    Deferred Revenue 89

    Refunds Due to and Advances from Third Parties 90

    Promises to Give 91-95

    Split-Interest Obligations 96

    Amounts Held for Others under Agency Transactions 97

    Revenue Sharing and Other Agreements 98

    Exit or Disposal Activities 99

    Guarantees 100-101

    Contingencies 102

    Pension and Other Defined Benefit Postretirement Plan Obligations 103-110

    Single-Employer Plans 103-105

    Multiemployer Plans 106-110

    Auditing 111-115

    General 111-113

    Debt 114-115

    Appendix A—Municipal Securities Regulation 116

    Appendix B—Auditor Involvement with Municipal Securities Filings 117

    Chapter 11 Net Assets and Reclassifications of Net Assets 01-64

    Introduction 01-02

    Fiduciary Responsibilities to Meet Donor Restrictions 03-08

    Failure to Meet a Donor’s Restriction 08

    Net Asset Classes 09-24

    Permanently Restricted Net Assets 12-14

    Temporarily Restricted Net Assets 15-17

    Unrestricted Net Assets 18-24

    Noncontrolling Interests 25-27

    Reclassifications 28

    Expiration of Donor-imposed Restrictions 29-52

    Using Restricted Contributions First 33-36

    Expiration of Restrictions on Promises to Give 37-45

    Expiration of Restrictions on Gifts of Long-Lived Assets or Gifts for Their Purchase 46-49

    Expiration of Restrictions on Donor Restricted Endowment Funds 50-51

    Restrictions That Are Met in the Same Year as the Contribution Was Received 52

    Disclosures 53-59

    Changing Net Asset Classifications Reported in a Prior Year 60

    Auditing 61-63

    Appendix A—Financial Statements Prepared in Accordance with FASB ASU No. 2016-14 64

    Chapter 12 Revenues and Receivables from Exchange Transactions 01-25

    Introduction 01-02

    Difference between Revenues and Gains 03-05

    Recognition, Measurement, and Display of Revenue 06-14

    Discounts 12

    Membership Dues 13-14

    Receivables from Exchange Transactions 15-17

    Auditing 18-24

    Appendix A—Implementation Guidance for FASB Accounting Standards Update No. 2014-09,

    Revenue from Contracts with Customers (Topic 606) 25

    Chapter 13 Expenses, Gains, and Losses 01-134

    Introduction 01

    Expenses 02-06

    Expense Recognition Issues 07-34

    Fund-raising Costs 08-14

    Financial Aid and Other Reductions in Amounts Charged for Goods and Services 15

    Advertising Costs 16-18

    Services Received From an Affiliate 19-23

    Start-Up Costs 24-26

    Internal Use Computer Software Costs 27

    Contributions Made 28-34

    Gains and Losses 35-50

    Reporting Costs Related to Sales of Goods and Services 42-44

    Reporting the Cost of Special Events and Other Fund-raising Activities 45-49

    Investment Revenues, Expenses, Gains, and Losses 50

    Functional Reporting of Expenses 51-124

    Program Services 53-64

    Supporting Services 65-70

    Classification of Expenses Related to More Than One Function 71-118

    Support to Related Local and National NFPs 119-120

    Distributions from Financially Interrelated Fund-raising Foundations to Specified Beneficiaries 121-123

    Expenses of Federated Fund-raising Entities 124

    Income Taxes 125

    Auditing 126-130

    Expense Recognition Issues 128

    Gains and Losses 129

    Functional Reporting of Expenses 130

    Supplement A—Accounting for Joint Activities 131

    Supplement B—Examples of Applying the Criteria of

    Purpose, Audience, and Content to Determine Whether a Program or Management and General Activity Has Been Conducted 132

    Supplement C—Allocation Methods for Joint Costs 133

    Supplement D—Examples of Disclosures 134

    Chapter 14 Reports of Independent Auditors 01-30

    Reports on Financial Statements 01-02

    Reports on Comparative Financial Statements and Presentation of Comparative Information 03-08

    Unmodified Opinions 09

    Modified Reports and Departures from Unmodified Opinions 10

    Going Concern 11

    Reporting on Supplementary Information 12-14

    Special Considerations 15-16

    Reporting Under Other Technical Standards 17-21

    Reporting on Prescribed Forms 22-25

    Reports Required by Government Auditing Standards, the Single Audit Act Amendments of 1996, and the Uniform Guidance 26-30

    Chapter 15 Tax and Regulatory Considerations 01-74

    Introduction 01-03

    Internal Revenue Service 04-38

    Basis of Exemption 04-23

    IRS Filing Requirements 24-27

    Unrelated Business Income 28-31

    Alternative Investments 32

    Tax Shelters 33

    Employment Taxes 34-36

    Private Foundations 37-38

    Income Tax Positions 39-43

    Deferred Tax Assets and Liabilities 44-45

    State and Local Regulations 46-56

    State Charitable Solicitation Laws 46-49

    State and Local Gaming Regulations 50

    Uniform Prudent Management of Institutional Funds Act 51-56

    Securities Regulation 57-60

    Sarbanes Oxley and Governance Policies 61-63

    Executive Compensation 64-67

    Other Regulatory Activities 68-70

    U.S. Department of the Treasury Anti-Terrorist Financing Guidelines: Voluntary Best Practices for U.S.-Based Charities 68-70

    Auditing 71-74

    Chapter 16 Fund Accounting 01-25

    Introduction 01

    Fund Accounting and External Financial Reporting 02-05

    Unrestricted Current (or Unrestricted Operating or General) Funds 06-07

    Restricted Current (or Restricted Operating or Specific-Purpose) Funds 08-09

    Plant (or Land, Building, and Equipment) Funds 10-15

    Loan Funds 16-17

    Endowment Funds 18-21

    Annuity and Life-Income (Split-Interest) Funds 22-23

    Agency (Or Custodian) Funds 24

    Summary 25

    Appendix A The New Not-for-Profit Financial Reporting Model Standards: FASB ASU No. 2016-14

    Appendix B The New Revenue Recognition Standard: FASB ASC 606

    Appendix C The New Leases Standard: FASB ASC 842

    Appendix D FASB Accounting Standards Codification 958, Not-For-Profit Entities, Topic Hierarchy

    Appendix E Information Sources

    Appendix F Overview of Statements on Quality Control Standards

    Appendix G Schedule of Changes Made to the Text from the Previous Edition

    Glossary

    Index of Pronouncements and Other Technical Guidance

    Subject Index

  • Founded in 1887, the American Institute of Certified Public Accountants (AICPA) represents the CPA and accounting profession nationally and globally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the accounting profession's technical and ethical standards.
    The AICPA's founding established accountancy as a profession distinguished by rigorous educational requirements, high professional standards, a strict code of professional ethics, a licensing status and a commitment to serving the public interest.

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