Audit Risk Alert. Not-for-Profit Entities Industry Developments, 2017. AICPA

  • ID: 4432391
  • Book
  • 96 Pages
  • John Wiley and Sons Ltd
1 of 4

From going concern to leases, this Alert will help identify important developments affecting not–for–profit entities and the issues auditors face as a result. A discussion of emerging practice issues, plus current economic, accounting, and auditing development is provided. Also included is a discussion of opportunities for early implementation of ASU 2016–14. Additional updates include:

FASB ASU No. 2016–14, Not–for–Profit Entities (Topic 958): Presentation of Financial Statements of Not–for–Profit Entities
SAS No. 132, The Auditor′s Consideration of an Entity′s Ability to Continue as a Going Concern
FASB ASU No. 2017–02, Not–for–Profit Entities––Consolidation (Subtopic 958–810): Clarifying When a Not–for–Profit Entity That Is a General Partner or a Limited Partner Should Consolidate a For–Profit Limited Partnership or Similar Entity
FASB ASU 2016–02, Leases (Topic 842)

Note: Product cover images may vary from those shown
2 of 4

Not–for–Profit Entities Industry Developments—2017 .01–.305

How This Alert Helps You .01–.03

Economic and Industry Developments .04–.29

The Current Economy .04–.10

The State of NFPs .11–.29

Legislative and Regulatory Developments .30–.60

Data–Driven Decision Making by the IRS .30–.32

Unrelated Business Taxable Income Issues .33–.40

Filing Deadline Changes for Forms W–2 and 1099–MISC .41

Department of the Treasury and the IRS Issue Priority Guidance Plan for 2016–2017 .42–.46

Matters Affecting Higher Education .47–.55

Matters Affecting Religious Organizations .56–.60

Audit and Attestation Issues and Developments .61–.94

Audit Risks for NFPs .61–.62

New Auditing Standard on Going Concern .63–.69

Related Parties .70–.75

Alternative Investment Considerations .76–.81

Audit Reporting on Forms Prescribed by Regulators .82–.86

Attestation Clarity Project Is Completed .87–.94

Accounting Issues and Developments .95–.259

FASB NFP Financial Statement Presentation Standard .95–.138

Leases 139–.155

Assessing Changes to Consolidation Requirements for NFPs .156–.162

New Guidance on Accounting for Credit Losses .163–.167

Presentation of Restricted Cash .168–.171

Revenue From Contracts With Customers .172–.192

Accounting Standards Updates Effective in 2016 .193–.241

Fair Value Measurement of Beneficial Interests in Assets Held by Community Foundations 242–.246

Disclosure About Tax Matters .247–.257

Other Investments—a Reminder .258–.259

Recent Pronouncements .260–.263

Recent Auditing and Attestation Pronouncements and Related Guidance .261

Recent ASUs .262

Recently Issued Technical Questions and Answers .263

Recent AICPA Independence and Ethics Developments .264–.265

Common Audit Report and Financial Statement Errors 264

Conceptual Framework Implementation Tools and Resources .265

AICPA NFP Initiatives .266–.275

NFP Member Section .267–.271

NFP Certificate Programs .272–.275

On the Horizon .276–.285

Auditing Pipeline 278–.281

Accounting Pipeline .282–.285

Resource Central .286–.304

Publications .287

Continuing Professional Education .288–.289

Webcasts 290–.291

Member Service Center .292

Hotlines .293–.294

AICPA Online Professional Library: Accounting and Auditing Literature .295

Industry Conference .296–.297

AICPA Government Audit Quality Center .298–.300

AICPA Industry Expert Panel—Not–for–Profit Entities .301 Not–for–Profit Interest Area .302

Industry Websites 303–.304

Appendix—Additional Internet Resources .305

Note: Product cover images may vary from those shown
3 of 4


4 of 4
Note: Product cover images may vary from those shown
5 of 4
Note: Product cover images may vary from those shown