Description

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You'll find targeted discussion of emerging practice issues, plus current economic, accounting and auditing developments.

Key Benefits:

Among other topics, this Alert focuses on risks related to recent NFP trends, going concern, revenue recognition, and fair value issues. Also included is a discussion of recent and planned IRS activity with regard to NFPs.

This alert also includes information on emerging issues such as:

• Measuring the effectiveness of nonprofits
• Alternative investment considerations
• Going concern
• IRS exempt organizations activities
• FASB not-for-profit standard-setting activity
• UPMIFA policies

Updates

• FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606)
• FASB ASU No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern
• FASB ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity
• FASB ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs
• FASB ASU No. 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)
• FASB ASU No. 2016-01, Financial Instruments--Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities

Who Will Benefit:

• Audit and accounting firms with nonprofit engagements
• Financial managers at nonprofit organizations

About the Author

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Founded in 1887, the American Institute of Certified Public Accountants (AICPA) represents the CPA and accounting profession nationally and globally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the accounting profession's technical and ethical standards. The AICPA's founding established accountancy as a profession distinguished by rigorous educational requirements, high professional standards, a strict code of professional ethics, a licensing status and a commitment to serving the public interest.