Through a combination of practical guidance and case studies, the author provides insight into what makes not-for-profits different. Updated for revenue recognition, grants and contracts, and financial reporting, this book offers guidance on FASB's new financial statement standard and revenue recognition standard which will have a major impact on financial reporting for not for profits. It helps answer the questions: Are you aware of how not-for-profit financial statements will change because of FASB's Financial Statement Standard? Do you know what makes not-for-profit accounting and financial reporting different?
Key topics include:
- Grants and contracts
- Expense reporting
- NFP financial statement standard
- Revenue recognition
- Performance measures
Table of Contents
Chapter 1 1-1
Financial Reporting 1-1
Net assets 1-2
The basic financial statements 1-4
Reporting formats 1-15
Notes to the financial statements 1-19
Investments and investment income 1-20
Summary 1-27
Practice questions 1-28
Chapter 2 2-1
Exchange Transactions, Contributions, and Gains and Losses 2-1
Resources for the mission 2-3
Exchange (reciprocal) transactions 2-6
Contributions 2-15
Identifying gains and losses 2-24
Agency transactions 2-25
Summary 2-26
Practice questions 2-27
Chapter 3 3-1
Expenses 3-1
Expenses versus losses 3-2
Functional reporting of expenses 3-4
Reclassifications 3-16
Summary 3-18
Practice questions 3-19
Chapter 4 4-1
The Not-for-Profit Environment and Performance Measures 4-1
The NFP environment 4-2
Types of NFP organizations 4-6
Fund accounting 4-9
Measuring performance 4-10
Reporting information in the statement of activities 4-11
Ratios and other tools 4-13
Input, output, and outcomes 4-16
Summary 4-19
Practice questions 4-20
Appendix A A-1
Excerpt of Appendix A of Chapter 5 of AICPA Audit and Accounting Guide Not-for-Profit Entities A-1
Glossary Glossary 1
Index Index 1
Solutions Solutions 1
Chapter 1 Solutions 1
Chapter 2 Solutions 4
Chapter 3 Solutions 8
Chapter 4 Solutions 10
