Audit and Accounting Guide : Not-for-Profit Entities 2020.: Not-for-Profit Entities 2020. (2020)

• Record Type: Book
• Authors: AICPA
• Contents: 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 2 General Auditing Considerations .01-.160 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-.70 Group Audits .14-.18 Materiality .19-.27 Related-Party Transactions .28-.31 Consideration of Errors and Fraud .32-.52 Compliance With Laws and Regulations .53-.67 Processing of Transactions by Service Organizations .68-.70 Use of Assertions in Assessment of Risks of Material Misstatement .71-.75 Risk Assessment Procedures .76-.99 Risk Assessment Procedures and Related Activities .78-.80 Analytical Procedures .81-.83 Discussion Among the Audit Team .84 Understanding of the Entity and Its Environment, Including the Entity’s Internal Control .85-.99 Using Risk Assessment to Design Further Audit Procedures .100-.122 Identifying and Assessing the Risks of Material Misstatement .101-.103 Risks That Require Special Audit Consideration .104-.105 Designing and Performing Further Audit Procedures .106-.121 Evaluating the Sufficiency and Appropriateness of Audit Evidence .122 Evaluation of Misstatements Identified During the Audit .123-.125 Communication With Those Charged With Governance .126-.132 Completing the Audit .133-.160 Going-Concern Considerations .133-.143 Written Representations .144-.152 Audit Documentation .153-.160 3 Financial Statements, the Reporting Entity, and General Financial Reporting Matters .01-.202 Introduction .01-.05 Statement of Financial Position .06-.28 Effects of Restrictions, Designations, and Other Limitations on Liquidity .09-.23 Classification of Net Assets .24-.28 Statement of Activities .29-.45 Reporting Expenses by Nature and Function .44-.45 Statement of Cash Flows .46-.63 Liquidity and Availability Disclosure .60-.63 Comparative Financial Information .64-.66 Reporting of Related Entities, Including Consolidation .67-.130 Relationships With Another NFP .72-.80 Relationships With a For-Profit Entity .81-.108 Consolidation of a Special-Purpose Leasing Entity .109-.110 Consolidated Financial Statements .111-.128 Parent-Only and Subsidiary-Only Financial Statements .129 Combined Financial Statements .130 Mergers and Acquisitions .131-.144 Merger of Not-for-Profit Entities .133-.134 Acquisition by a Not-for-Profit Entity .135-.144 Collaborative Arrangements .145-.146 The Use of Fair Value Measures .147-.180 Definition of Fair Value .150-.156 Valuation Approaches and Techniques .157-.163 The Fair Value Hierarchy .164-.167 Additional Guidance for Fair Value Measurement in Special Circumstances .168-.176 Disclosures .177 Fair Value Option .178-.180 Financial Statement Disclosures Not Considered Elsewhere .181-.193 Noncompliance With Donor-Imposed Restrictions .182-.184 Risks and Uncertainties .185 Subsequent Events .186-.189 Related Party Transactions .190-.193 Auditing .194-.201 Financial Statement Close Process .195-.196 Operating and Nonoperating Classifications in the Statement of Activities .197 Consolidation .198 Liquidity .199 Mergers and Acquisitions .200 Noncompliance With Donor-Imposed Restrictions .201 Supplement A — Flowcharts .202 4 Cash, Cash Equivalents, and Investments .01-.112 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-.46 Equity Securities (Other Than Consolidated Subsidiaries and Equity Securities Reported Under the Equity Method) and Debt Securities .17-.19 Investments That Are Accounted for Under the Equity Method or a Fair Value Election .20-.30 Derivative Instruments .31-.39 Other Investments .40 Decline in Fair Value After the Date of the Financial Statements .41 Fair Value Measurements .42-.46 Investment Income and Expenses .47-.51 Unrealized and Realized Gains and Losses .52-.55 Investments Held as an Agent .56 Investment Pools .57-.63 Self-Managed Investment Pools .57 Investment Pools Managed by a Financially Interrelated Entity .58 Investment Pools Managed by Third Parties .59-.63 Endowment Funds .64-.75 Financial Statement Presentation .76-.84 Cash and Cash Equivalents .76-.79 Investments .80-.84 Disclosures .85-.96 Auditing .97-.111 Endowment Funds .102 Investment Pools .103-.108 Audit Objectives and Procedures .109-.111 Appendix A — Determining Fair Value of Alternative Investments .112 5 Contributions Received and Agency Transactions .01-.240 Introduction .01-.04 Distinguishing Contributions From Other Transactions .05-.60 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-.60 5 Contributions Received and Agency Transactions — continued Core Recognition and Measurement Principles for Contributions .61-.87 Recognition Principles .62-.73 Measurement Principles .74-.77 Recognition If a Donor Imposes a Condition .78-.80 Recognition If a Donor Imposes a Restriction .81-.87 Additional Accounting Considerations for Certain Contributions .88-.177 Promises to Give .88-.109 Contributed Services .110-.115 Special Events .116-.120 Gifts in Kind .121-.147 Contributed Items to Be Sold at Fundraising Events .148-.149 Contributed Fundraising Material, Informational Material, or Advertising, Including Media Time or Space .150-.161 Contributed Utilities and Use of Long-Lived Assets ..162-.164 Guarantees .165-.169 Below-Market Interest Rate Loans .170-.172 Contributed Collection Items .173 Split-Interest Agreements .174 Administrative Costs of Restricted Contributions .175-.177 Measurement Principles for Contributions Receivable .178-.210 Present Value Techniques .181-.184 Organization of the Measurement Guidance .185 Initial Measurement .186-.194 Subsequent Measurement .195-.210 Financial Statement Presentation .211-.213 Disclosures .214-.220 Illustrative Disclosures .220 Auditing .221-.238 Contributions Receivable .235-.237 Agency Transactions .238-.238 Appendix A — Excerpt From AICPA Financial Reporting White Paper Measurement of Fair Value for Certain Transactions of Not-for-Profit Entities . 239 Appendix B — Technical Questions and Answers About Financially Interrelated Entities .240 6 Split-Interest Agreements and Beneficial Interests in Trusts .01-.95 Introduction .01 Types of Split-Interest Agreements .02-.03 Recognition and Measurement Principles .04-.45 Use of Fair Value Measures .05-.06 6 Split-Interest Agreements and Beneficial Interests in Trusts — continued 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 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• Edition: 1st
• Publisher Details: Wiley
• Publication Date: 2020
• Extent: 1 online resource (768 pages)
• Languages: English
• ISBNs: 9781950688326
• Access Rights: Legal Deposit; Only available on premises controlled by the deposit library and to one user at any one time; The Legal Deposit Libraries (Non-Print Works) Regulations (UK).
• Access Usage: Restricted: Printing from this resource is governed by The Legal Deposit Libraries (Non-Print Works) Regulations (UK) and UK copyright law currently in force.