By DiTommaso, Marie; Larkin, Richard F.; Ruppel, Warren
Detailed, functional insurance of GAAP, adapted to not-for-profit organizations
Wiley Not-for-Profit GAAP 2015 is a radical exam of the authoritative criteria for dimension, presentation, and disclosure as utilized to not-for-profit organisations. transparent and concise, this hassle-free consultant explains the basics of GAAP in an easily-accessible layout that incorporates flowcharts and diagrams to assist facilitate the reader's knowing of the cloth offered, together with a financial plan disclosure record to substantiate GAAP adherence. Designed particularly for accountants in public perform and undefined, this consultant covers all proper FASB and AICPA guidance, to supply an entire reference instrument for auditors who want a entire realizing of GAAP for not-for-profit organizations.
Due to those firms' specific features, not-for-profit accountants needs to adhere to precise usually accredited Accounting rules. those requisites are complicated and ever evolving, yet Wiley Not-for-Profit GAAP 2015 brings them jointly in one quantity that comprises the main up to date info available.
- Refine easy monetary statements, together with monetary place, actions, and funds Flow
- Tackle not-for-profit-specific concerns like fundraising, noncash contributions, affiliations, and pledges
- Tailor accounting easy methods to the explicit kind of association, with budgeting, tax reporting, and regulatory advice
- Discover how common accounting issues like resources, mergers, and liabilities are utilized to not-for-profit organizations
Preparers and auditors of not-for-profit money owed needs to remain up to date at the most recent GAAP practices to most sensible serve the association, whereas complying with all disclosure, reporting, and regulatory requisites. Wiley Not-for-Profit GAAP 2015 offers wide assurance and functional recommendation at the newest GAAP, adapted to the not-for-profit organization's designated needs.
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Sample text
Unless the organization does not have any significant amounts of unpaid bills or uncollected income at the beginning or end of the period, accrual-basis reporting is required to present an accurate picture of the results of operations and of the financial position of the organization. Accrual-basis reporting is also required if an organization is trying to measure the cost of a product or service. It is impossible to know what a particular activity cost during the year if unpaid bills have not been included as an expense in the statement.
The statement should view the organization as a whole and report total assets, total liabilities, and total net assets. It should also report totals for unrestricted net assets, as well as information about the nature and amounts of temporarily restricted and permanently restricted net assets (unless disclosed in the notes to the financial statements). FASB ASC 958-210 provides the basic GAAP requirements for preparing the statement of financial position. CONCEPTS, RULES, AND EXAMPLES The statement of financial position, along with required note disclosures and other information in the financial statements, has a two-fold purpose, which is described in FASB ASC 958-210-45.
Donor-restricted contributions are reported as restricted revenues or gains (restricted support), which increase temporarily restricted net assets or permanently restricted net assets depending on the type of restriction. However, donorrestricted contributions whose restrictions are met in the same reporting period may be reported as unrestricted support provided that an organization reports consistently from period to period and discloses its accounting policy. Accounting for contributions is more fully discussed in Chapter 9.