Financial statement preparation for not-for-profit entities can be complex. Whether preparing or auditing them, accountants will find the tools they need in this helpful resource. This checklist contains the most comprehensive financial reporting and disclosure guidance available, plus a complete set of illustrative financial statements to assist you in understanding and applying standards like ASU 2018-08, and 2014-09.
New in 2020:
- revenue recognition
- grants and contracts
Table of Contents
Part 1 - Instructions 1
General 1
Guidance Considered in This Edition 2
Instructions 2
Part 2 - Financial Statements and Notes Checklist 5
I. General 7
II. Statement of Financial Position 46
III. Statement of Activities 98
IV. Statement of Cash Flows 114
Part 3 - Auditors’ Reports Checklist 119
I. For Audits Conducted Prior to the Adoption of the Suite of New Reporting Standards 120
II. For Audits Conducted After the Adoption of the Suite of New Reporting Standards 138
Part 4 - Auditors’ Reports Checklist for Audits Performed in Accordance With Government Auditing Standards and the Uniform Guidance 163
I. Reports on Audits Performed in Accordance With GAS 165
II. Reports on Audits Performed in Accordance With the Uniform Guidance 174
Part 5 - Accountants’ Reports on Compiled Financial Statements or Information or Reviewed Financial Statements Checklist 187
I. Checklist Questionnaire for Compiled Financial Statements, Prospective Financial Information, Pro Forma Financial Information, and Other Historical Financial Information Using AR-C (Clarified) Standards 188
II. Checklist Questionnaire for Review Engagements Using AR-C (Clarified) Standards Prior to the Adoption of SSARS No 25 193
III. Checklist Questionnaire for Review Engagements Using AR-C (Clarified) Standards After the Adoption of SSARS No 25 200
Part 6 - Illustrative Financial Statements, Notes, and Auditor’s Report 211
