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
- Tuition Increases Slow, While Student Loan Borrowing Declines, College Board Reports
- IRS Response to NACUBO on 1098-T Penalties Offers No Relief
- IRS Publishes Final Rules on Overpayments of Arbitrage Rebate on Tax-Exempt Bonds
- 2015 Intermediate Accounting and Reporting - Winter
January 22-23, 2015
- 2015 Endowment and Debt Management Forum
February 4-6, 2015
- 2015 Unrelated Business Income Tax
February 25-27, 2015
- ON-DEMAND: How to Build, Develop, and Support a Compliance Program at Your Institution
- ON-DEMAND: Strategic Tuition Assessment and Tuition Restructuring
- ON-DEMAND: Are Shared Services Right for Your Organization – The KU Journey
- ON-DEMAND: VIRTUAL: 2014 Annual Meeting
- ON-DEMAND: VIRTUAL: Student Financial Services Conference
- ON-DEMAND: VIRTUAL: Higher Education Accounting Forum
- A Guide to College and University Budgeting: Foundations for Institutional Effectiveness, 4th ed. - by Larry Goldstein
- NACUBO's Guide to Unitizing Investment Pools - by Mary S. Wheeler
- Managing and Collecting Student Accounts and Loans - by David R. Glezerman and Dennis DeSantis