AICPA Issues Updated Not-for-Profit Audit and Accounting Guide
May 3, 2013
The Audit and Accounting Guide for Not-for-Profit Entities was originally issued by the American Institute of Certified Public Accountants (AICPA) over 15 years ago and had been updated only for conforming changes. In April, the AICPA issued the first comprehensive revision to the guide.
NACUBO, through its participation on the AICPA Not-for-Profit Expert Panel, was involved in overhauling the guide - a process that spanned several years. Among the changes to the guide are:
- Expanded guidance on reporting relationships with other entities, including examples for reporting relationships with not-for-profit and for-profit corporations, limited liability partnerships, general partnerships, and financially interrelated entities.
- New sections on: reporting and measuring noncash gifts; contributions of fund-raising materials, informational materials, advertising, and media time or space; below-market interest rate loans; and bargain purchases.
- Expanded discussion of municipal bond debt, including IRS considerations, third-party credit enhancements, capitalization of interest, extinguishments and debt modifications, and the effects of terms (such as subjective acceleration clauses) on the classification of debt.
- New guidance for reporting the expiration of donor-imposed restrictions.
- Expanded discussion on the legal and regulatory environment in which NFPs operate.
- New guidance on program-related investments and microfinance loans.
The guide is available in both electronic and book form and can be purchased on the AICPA Web site.
Director, Accounting Policy
- Associations Respond to DACA and DREAM Act Concerns
- Congress Makes Changes to GI Bill Education Benefits
- CFPB Report Criticizes Campus Banking Agreements
- 2017 Intermediate Accounting and Reporting - Winter
January 23-24, 2017
- 2017 Endowment and Debt Management Forum
February 1-3, 2017
- WEBCAST: NACUBO Live! Results of the 2016 NACUBO-Commonfund Study of Endowments
Thursday, February 2, 2017 9:15AM ET
- WEBCAST: Compliance Challenges for the New EPA Hazardous Waste Rule
Tuesday, February 7, 2017 1:00PM ET
- WEBCAST: Legislative Lunchcast: A 30-Minute Washington Update from NACUBO
Thursday, February 9, 2017 12:00PM ET
- ON-DEMAND: The ROI of Student Success: Practical Considerations for Measuring and Conveying the Financial Value of Student Support Services
- ON-DEMAND: The CBO's Role in Diversity and Inclusion on Campus