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 Discount Rates Reach New Record Level in 2015-16
- ED Offers Supplemental Cash Management Guidance
- Federal Agencies Release Guidance on Civil Rights Protections for Transgender Students
- 2016 CAO and CBO Collaborations
August 1-2, 2016
- 2016 Planning and Budgeting Forum
September 19-20, 2016
- 2016 Managerial Analysis and Decision Support
November 17-18, 2016
- WEBCAST: The Clery Act: Strategic Planning to Mitigate Institutional Risk
Thursday, May 26, 2016 1:00PM ET
- ON-DEMAND: Title IX: Key Issues Surrounding Institutional Compliance
- ON-DEMAND: Containing Cost and Risk with Renewables – the Power Purchase Agreement Story
- ON-DEMAND: NACUBO Live! Higher Education Accounting Forum
- ON-DEMAND: Are Hedge Funds and Private Equity Right for You? An Analysis of Alternative Investments
- ON-DEMAND: Responsibility Center Management: Two Different Perspectives