Not-for-profits get new edition of Accounting Trends & Techniques: fresh views on financial statement reporting and disclosure practices in new publication.Special for the Journal of Accountancy The AICPA AICPA See American Institute of Certified Public Accountants (AICPA). has released a new edition of Accounting Trends & Techniques--Not-for- Profit Organizations (product No. 006616, www.cpa2biz biz n. Informal Business. biz Noun Informal business Noun 1. .com), part of a series of such publications which for over 55 years has provided CPAs with commentary, illustrations and example financial statement disclosures. The publication provides illustrative financial statements and related disclosures for non-governmental not-for-profit organizations, other than healthcare providers. The examples have been adapted from actual examples of audited financial statements of not-for-profit organizations whose names and other identifying information have been changed. Organized to be used as a reference tool, it provides practitioners with practical, though non-authoritative, guidance on nonprofits' financial statements and disclosures. CPAs will find sample financial statements like these: * Statements of Financial Position * Statements of Activity, Including Changes in Net Assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. * Statements of Cash Flows * Statements of Functional Expenses And note disclosures: * Disclosures--General (includes examples of descriptions of organizations and general accounting policies, contingencies and other uncertainties, including going concern questions, related parties, use of estimates, comparative prior period information, foreign operations, accounting changes and sample management statement of responsibility) * Disclosures Related Primarily to the Statement of Financial Position (includes examples of investments, contributions receivable, other receivables, inventory and prepaid expenses Prepaid Expense An asset that arises on a balance sheet because of the payment of something in advance (prepayment). Services for the payment will be received in the near future. , collections, fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → , liabilities and net assets) * Disclosures Related Primarily to the Statement of Activity and Related Statements (includes examples of measure of operations, contributions received, including government grants, earned income Sources of money derived from the labor, professional service, or entrepreneurship of an individual taxpayer as opposed to funds generated by investments, dividends, and interest. and deferred revenue and expenses) With additional information, such as: * Financial Statements Prepared on a Basis Other Than GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). (includes cash or modified cash basis) * Information Outside the Financial Statements (includes examples of program-focused information, statistical highlights and year-end highlights) Also included in the publication are appendixes A through E, which include excerpts from SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System No. 117, SFAS No. 116, the AICPA Audit and Accounting Guide Not-for-Profit Organizations, SFAS No. 136 and SFAS No. 124. |
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