New Not-for-Profit Entities Audit and Accounting Guide
Posted on Wednesday, October 23, 2013
As a manager or board member of a nonprofit organization, it is important to understand the unique accounting and reporting issues of nonprofit organizations. A new audit and accounting guide for nonprofit organizations has been released (effective March 1, 2013). This is the first comprehensive revision of the guide since 1996. The guide was developed by the American Institute of Certified Public Accountants (AICPA) Not-for-Profit Entities Expert Panel and Guide Task Force to assist management of nonprofit entities in the preparation of their financial statements in conformity with U.S. generally accepted accounting principles (GAAP) and to assist practitioners in performing and reporting on their audit engagements.
The new guide is easier to understand with more examples. Expanded and new sections of the guide include the following:
· Reporting relationships with other entities
· Reporting and measuring noncash gifts
· Expiration of donor imposed restrictions
· Fund raising costs
· Program-related investments and microfinance loans
· The regulatory environment in which nonprofits operate
For those interested in the unique accounting and auditing issues of nonprofit organizations, the guide is available for purchase from the AICPA.
Posted by: Carrie Minnich, CPA
Posted in Mission Minded Nonprofits
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