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Wiley Not-for-Profit GAAP 2014: Interpretation and Application of Generally Accepted Accounting Principles

Book Description

The most practical, authoritative guide to not-for-profit GAAP

Wiley Not-for-Profit GAAP 2014 is a comprehensive, easy-to-use guide to the accounting and financial reporting principles used by not-for-profit organizations. Written with the needs of the financial statement preparer, user, and attestor in mind, this guide provides a complete review of the authoritative accounting literature that impacts all types of not-for-profit organizations. At the same time, Wiley Not-for-Profit GAAP 2014 features many examples and illustrations that will assist professionals in applying authoritative literature to real-life situations.

  • Easy-to-use information that enables users to find needed information quickly

  • Coverage of accounting principles specifically related to not-for-profit organizations, as well as accounting principles applicable to all types of organizations

  • Specific coverage of accounting issues for different types of not-for-profit organizations

  • A disclosure checklist that helps financial statement preparers and attestors ensure that all disclosures required by GAAP have been considered

  • Flowcharts, diagrams, and charts, wherever possible, to help facilitate the user's understanding of the material presented

  • Destined to become the reference you keep at your side, Wiley Not-for-Profit GAAP 2014 strives to be a thorough, reliable reference that nonprofit accounting professionals will use constantly.

    Table of Contents

    1. Cover Page
    2. Title Page
    3. Copyright
    4. Contents
    5. PREFACE
    6. ABOUT THE AUTHORS
    7. NOT-FOR-PROFIT ACCOUNTING LITERATURE
    8. PART 1: OVERVIEW OF NOT-FOR-PROFIT ORGANIZATIONS
      1. 1: OVERVIEW OF NOT-FOR-PROFIT ORGANIZATIONS
        1. PERSPECTIVE AND ISSUES
      2. 2: CASH VERSUS ACCRUAL BASIS ACCOUNTING
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. LEGAL REQUIREMENTS
        4. CONCLUSION
    9. PART 2: BASIC FINANCIAL STATEMENTS
      1. 3: STATEMENT OF FINANCIAL POSITION
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. DISCLOSURE REQUIREMENTS
      2. 4: STATEMENT OF ACTIVITIES
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. FINANCIAL STATEMENT PRESENTATION
        4. DISCLOSURE REQUIREMENTS
      3. 5: STATEMENT OF CASH FLOWS
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. DISCLOSURE REQUIREMENTS
      4. 6: OTHER FINANCIAL STATEMENT ISSUES
        1. COMPARATIVE FINANCIAL INFORMATION
        2. PERSPECTIVE AND ISSUES
        3. CONCEPTS, RULES, AND EXAMPLES
        4. DISCLOSURE REQUIREMENTS
        5. PRESENTING FUND AND NET ASSET INFORMATION
        6. INTERIM REPORTING
        7. PERSPECTIVE AND ISSUES
        8. CONCEPTS, RULES, AND EXAMPLES
        9. DISCLOSURE REQUIREMENTS
        10. SUBSEQUENT EVENTS
        11. PUBLIC ENTITIES
    10. PART 3: SPECIFIC NOT-FOR-PROFIT ACCOUNTING TOPICS
      1. 7: FUND ACCOUNTING
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. CONCLUSION
      2. 8: NET ASSETS
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. DISCLOSURE REQUIREMENTS
      3. 9: CONTRIBUTIONS, PLEDGES, AND NONCASH CONTRIBUTIONS
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. APPENDIX A CHECKLIST
        4. APPENDIX B CHECKLIST
        5. APPENDIX C CHECKLIST
        6. APPENDIX D CHECKLIST
        7. APPENDIX E CHECKLIST
        8. APPENDIX F CHECKLIST
        9. APPENDIX G CHECKLIST
        10. DISCLOSURE REQUIREMENTS
      4. 10: INVESTMENTS
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. DISCLOSURE REQUIREMENTS
      5. 11: AFFILIATED ORGANIZATIONS
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. REPORTING OF RELATED ENTITIES
        4. CONCEPTS, RULES, AND EXAMPLES
        5. APPENDIX A CHECKLIST
      6. 12: SPLIT-INTEREST AGREEMENTS
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. DISCLOSURE REQUIREMENTS
      7. 13: FUNDRAISING AND JOINT COSTS
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. DISCLOSURE REQUIREMENTS
        4. APPENDIX A CHECKLIST
      8. 14: FUNCTIONAL REPORTING
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. DISCLOSURE REQUIREMENTS
      9. 15: COLLECTIONS
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. DISCLOSURE REQUIREMENTS
    11. PART 4: OTHER ACCOUNTING-RELATED NOT-FOR-PROFIT TOPICS
      1. 16: ACCOUNTING FOR SPECIFIC TYPES OF NOT-FOR-PROFITS
        1. PERSPECTIVE AND ISSUES
        2. ASSOCIATIONS AND PROFESSIONAL SOCIETIES
        3. CHURCHES
        4. CLUBS
        5. LIBRARIES
        6. MUSEUMS
        7. PERFORMING ARTS ORGANIZATIONS
        8. PRIVATE FOUNDATIONS
        9. RELIGIOUS ORGANIZATIONS OTHER THAN CHURCHES
        10. RESEARCH AND SCIENTIFIC ORGANIZATIONS
        11. PRIVATE ELEMENTARY AND SECONDARY SCHOOLS
        12. PUBLIC BROADCASTING STATIONS
      2. 17: IMPORTANCE OF BUDGETS TO A NOT-FOR-PROFIT
        1. PERSPECTIVE AND ISSUES
        2. FUNCTIONS OF THE BUDGET
        3. STEPS FOR PREPARATION
        4. MONTHLY AND QUARTERLY BUDGETS
        5. TIMELY INTERIM STATEMENTS
        6. A FIVE-YEAR MASTER PLAN
        7. CONCLUSION
      3. 18: PRINCIPAL FEDERAL AND STATE TAX REPORTING AND REGULATORY REQUIREMENTS
        1. THE IMPORTANCE OF MEETING FEDERAL AND STATE REPORTING REQUIREMENTS
        2. ORGANIZATIONS EXEMPT FROM TAX
        3. CHARITABLE ORGANIZATIONS
        4. PRIVATE FOUNDATIONS
        5. PRIVATE OPERATING FOUNDATIONS
        6. OTHER CONCERNS FOR CHARITIES
        7. NONCHARITABLE EXEMPT ORGANIZATIONS
        8. UNRELATED BUSINESS INCOME
        9. REGISTRATION AND REPORTING
        10. REPORTS BY RECIPIENTS OF FEDERAL SUPPORT
        11. PRINCIPAL FEDERAL TAX FORMS FILED
        12. CONCLUSION
        13. STATE COMPLIANCE REQUIREMENTS
    12. PART 5: GENERAL ACCOUNTING TOPICS APPLIED TO NOT-FOR-PROFIT ORGANIZATIONS
      1. 19: CURRENT ASSETS AND CURRENT LIABILITIES
        1. ERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. DISCLOSURE REQUIREMENTS
      2. 20: INVENTORY
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. DISCLOSURE REQUIREMENTS
      3. 21: LONG-LIVED ASSETS, DEPRECIATION, AND IMPAIRMENT
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. DISCLOSURE REQUIREMENTS
      4. 22: INTANGIBLE ASSETS
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. DISCLOSURE REQUIREMENTS
      5. 23: CONTINGENCIES
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES (FASB ASC 740-10)
        4. DISCLOSURE REQUIREMENTS
      6. 24: MERGERS AND ACQUISITIONS
        1. PERSPECTIVE AND ISSUES
        2. ACCOUNTING FOR MERGERS AND ACQUISITIONS OF NOT-FOR-PROFIT ORGANIZATIONS
        3. CONCLUSION
      7. 25: ACCOUNTING FOR PENSIONS AND POSTRETIREMENT BENEFITS
        1. PERSPECTIVE AND ISSUES
        2. DEFINITIONS OF TERMS
        3. CONCEPTS, RULES, AND EXAMPLES
        4. ACCOUNTING REQUIREMENTS OF FASB ASC 715-20
        5. DISCLOSURE REQUIREMENTS
      8. 26: LONG-TERM LIABILITIES
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. ACCOUNTING FOR COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITES
        4. ENVIRONMENTAL REMEDIATION LIABILITY
      9. 27: ACCOUNTING CHANGES
        1. PERSPECTIVE AND ISSUES
      10. 28: ACCOUNTING FOR LEASES
        1. PERSPECTIVE AND ISSUES
        2. DEFINITIONS OF TERMS
        3. CONCEPTS, RULES, AND EXAMPLES
        4. DISCLOSURE REQUIREMENTS
      11. 29: FINANCIAL INSTRUMENTS
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
      12. 30: CAPITALIZATION OF INTEREST COSTS
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. DISCLOSURE REQUIREMENTS
    13. Appendix: Disclosure Checklist
    14. INDEX