By Richard F. Larkin, Marie DiTommaso

The main sensible, authoritative advisor to not-for-profit GAAPWiley Not-for-Profit GAAP 2011 is a accomplished, easy-to-use advisor to the accounting and fiscal reporting ideas utilized by not-for-profit corporations. Written with the wishes of the financial plan preparer, consumer, and attestor in brain, this advisor offers a whole overview of the authoritative accounting literature that affects every kind of not-for-profit companies. while, Wiley Not-for-Profit GAAP 2011 positive aspects many examples and illustrations that would help pros in utilizing authoritative literature to real-life situations.Easy-to-use details that permits clients to discover wanted info quicklyCoverage of accounting ideas in particular relating to not-for-profit agencies, in addition to accounting ideas acceptable to all kinds of organizationsSpecific assurance of accounting matters for various different types of not-for-profit organizationsA finished disclosure record that is helping financial plan preparers and attestors make sure that all disclosures required through GAAP were consideredMany examples and illustrations that make placing accounting thought into perform a simple taskDestined to turn into the reference you retain at your aspect, Wiley Not-for-Profit GAAP 2011 strives to be a radical, trustworthy reference that nonprofit accounting execs will use continuously.

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This allows the bookkeeper to pay last month’s bills as they arrive about the first of the month and record them in the prior month’s records. While the organization actually pays such amounts in the first few days of the new period, it considers the payment as having been made on the last day of the prior period. This means that the organization does not show accounts payable but instead a reduced cash balance. This is frequently a useful practice for reporting internally to the board because it gives reasonable assurance that all expenditures incurred are recorded in the proper period.

The financial statement given to the board would show only column 3. Adjustments were made to the cash statement in column 2 as follows: • Investment income—$20,000 of dividends and interest that were received during the current year applicable to last year were deducted. At the same time at the end of the year, there were dividends and interest receivable of $25,000 that were added. Therefore, on an accrual basis, a net adjustment of $5,000 was added. • Fees from the city—This year the city changed its method of paying fees for children sent to the orphanage by the courts.

This format highlights the effects of expirations on donor restrictions because it results in reclassifications between classes of net assets. It also accommodates presentation of aggregated information about contributions and investment income for the entity as a whole. Exhibit 2 presents an example of a multicolumn format. 3. Two separate statements. In this format, two separate statements are presented with summary amounts from a statement of revenues, expenses, and other changes in unrestricted net assets (Statement 1) and a statement of changes in net assets (Statement 2).

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