Nonprofit Blog

The latest finance, accounting, tax, audit and software news uniquely tailored for the nonprofit industry – private schools, foundations, museums, animal/environmental/social welfare, and church or faith-based organizations. Follow for the latest nonprofit trends, rule changes, best practices and free educational offerings.

Friday, May 10, 2013

Accounting & Auditing Guide, Not-for-Profit Entities – Not just for the Auditors!!!

Posted by Armanino Nonprofit Team

The AICPA has released a new, greatly enhanced accounting and auditing (A&A) guide for the non-profit industry. The A&A guide is a staple resource of non-profit auditors across the country but its usefulness as an “accounting” guide for practitioners is paramount to correctly accounting for the many unique transactions facing not-for-profit CFO’s, Controllers, Business Managers, etc. The new A&A guide includes significant enhancements that will improve user understanding and minimize diversity in practice.

Enhancements include:
  1. An expanded section about reporting relationships and other entities
  2. New sections about reporting and measuring non-cash gifts
  3. A new chapter on program-related investments and microfinance loans
  4. An expanded section about municipal bond debt, and the effects of terms on the classification of debt
  5. New guidance for reporting the expiration of donor-imposed restrictions
  6. Expanded discussion about the legal and regulatory environment in which not-for-profit entities operate
  7. And a variety of “AUDIT” enhancements, clarifications, etc. BUT we’ll leave those to the auditors!!!!
So, if you are a not-for-profit CFO, Controller, Business Manager, Director of Finance or the like, do yourselves a favor and pick up a copy of the new A&A guide for Not-for-Profit Entities (which is available in eBook or paperback formats) at a store near you.
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