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.
- An expanded section about reporting relationships and other entities
- New sections about reporting and measuring non-cash gifts
- A new chapter on program-related investments and microfinance loans
- An expanded section about municipal bond debt, and the effects of terms on the classification of debt
- New guidance for reporting the expiration of donor-imposed restrictions
- Expanded discussion about the legal and regulatory environment in which not-for-profit entities operate
- And a variety of “AUDIT” enhancements, clarifications, etc. BUT we’ll leave those to the auditors!!!!
Nonprofit organizations have specialized audit, tax and operational needs that require specialized service. Armanino has been committed to the nonprofit sector since 1953, and we now work with more than 500 nonprofit clients. This hands-on experience gives our staff of CPAs and former CFOs a deeper understanding of the issues nonprofits face, so we’re able to meet their needs and help them fulfill their missions in the most efficient, cost-effective way possible.