Academic journal article Journal of Accountancy

Not-for-Profits Get New Edition of Accounting Trends & Techniques: Fresh Views on Financial Statement Reporting and Disclosure Practices in New Publication

Academic journal article Journal of Accountancy

Not-for-Profits Get New Edition of Accounting Trends & Techniques: Fresh Views on Financial Statement Reporting and Disclosure Practices in New Publication

Article excerpt

Special for the Journal of Accountancy

The AICPA has released a new edition of Accounting Trends & Techniques--Not-for- Profit Organizations (product No. 006616, www.cpa2biz.com), part of a series of such publications which for over 55 years has provided CPAs with commentary, illustrations and example financial statement disclosures.

The publication provides illustrative financial statements and related disclosures for non-governmental not-for-profit organizations, other than healthcare providers. The examples have been adapted from actual examples of audited financial statements of not-for-profit organizations whose names and other identifying information have been changed.

Organized to be used as a reference tool, it provides practitioners with practical, though non-authoritative, guidance on nonprofits' financial statements and disclosures. CPAs will find sample financial statements like these:

* Statements of Financial Position

* Statements of Activity, Including Changes in Net Assets

* Statements of Cash Flows

* Statements of Functional Expenses

And note disclosures:

* Disclosures--General (includes examples of descriptions of organizations and general accounting policies, contingencies and other uncertainties, including going concern questions, related parties, use of estimates, comparative prior period information, foreign operations, accounting changes and sample management statement of responsibility)

* Disclosures Related Primarily to the Statement of Financial Position (includes examples of investments, contributions receivable, other receivables, inventory and prepaid expenses, collections, fixed assets, liabilities and net assets)

* Disclosures Related Primarily to the Statement of Activity and Related Statements (includes examples of measure of operations, contributions received, including government grants, earned income and deferred revenue and expenses)

With additional information, such as:

* Financial Statements Prepared on a Basis Other Than GAAP (includes cash or modified cash basis)

* Information Outside the Financial Statements (includes examples of program-focused information, statistical highlights and year-end highlights)

Also included in the publication are appendixes A through E, which include excerpts from SFAS No. …

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