Learn the latest accounting and auditing developments affecting not-for-profits so that accountants, auditors, and financial managers can prepare financial statements with confidence. This work covers new FASB requirements and information on the latest OMB and Yellow Book developments. It features major program determination and case studies related to revenue recognition and auditing documentation and covers hot topics including:
- NFP financial statements
- Risk assessment
- Documentation
- Leases
- Yellow Book
- Major program determination Key changes
- GASB updates including GASB Statement No. 91, Conduit Debt Obligations
- AICPA activities including changes to the auditor's report
- FASB updates including revenue recognition, grants and contracts, updating the definition of collections, and implementation issue surrounding the financial reporting standard
- Federal government activities including updates to the Compliance Supplement and proposed changes to the Uniform Guidance
Table of Contents
Chapter 1 1-1
AICPA Activities 1-1
Recently issued auditing and attestation standards 1-2
SAS No 135 1-12
SAS No 137 1-13
SAS No 138 1-15
SSAE 19 1-16
SSAE 20 1-17
Recently issued changes to the Code of Professional Conduct 1-18
Other projects to monitor 1-22
2018 mid-year progress report - Enhancing Audit Quality 1-23
Addressing common audit deficiencies 1-25
Appendix 1A Chapter 1, A-1
Documentation Case Study Chapter 1, A-1
Appendix 1B Chapter 1, B-1
Example Auditor’s Report and Case Study Chapter 1, B-1
Appendix 1C Chapter 1, C-1
Not-For-Profit Accounting and Audit Competency Resource Chapter 1, C-1
Chapter 2 2-1
FASB Activities 2-1
Revenue recognition and leases 2-3
ASU No. 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made 2-8
ASU No. 2016-02, Leases (Topic 842) 2-10
Other recent FASB standards 2-16
ASU No. 2016-13 2-17
ASU No. 2016-15 2-19
ASU No. 2016-18 2-21
ASU No. 2017-04 2-23
ASU No. 2017-07 2-24
ASU No. 2017-08 2-25
ASU No. 2017-10 2-26
ASU No. 2018-13 2-27
ASU No. 2019-03 2-28
ASU No. 2019-06 2-29
ASU No. 2019-10 2-30
Staff Q&A on whether private companies and NFP entities can apply Staff Accounting Bulletin (SAB) No 118 2-31
Relevant outstanding exposure drafts 2-32
ASU No. 2016-14 2-33
Appendix 2A Chapter 2, A-1
Revenue Recognition Case Study Chapter 2, A-1
Chapter 3 3-1
Federal Government Activities 3-1
Government Auditing Standards, 2018 Revision 3-2
OMB Compliance Supplement 3-4
Uniform Guidance refresher 3-11
Uniform Guidance - SEFA 3-17
Uniform Guidance - Determination of major programs 3-20
Uniform Guidance - Reporting considerations 3-26
Protected personally identifiable information 3-32
Uniform Guidance - Procurement standards 3-33
Cost principles in a single audit 3-35
Government-wide audit quality study 3-40
Proposed changes to the Uniform Guidance 3-41
Common deficiencies found in single audits 3-44
Appendix 3A Chapter 3, A-1
Major Program Determination Case Study Chapter 3, A-1
Glossary Glossary 1
Index Index 1
Solutions Solutions 1
Chapter 1 Solutions 1
Chapter 2 Solutions 7
Chapter 3 Solutions 12
