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Wiley Not-for-Profit GAAP 2015: Interpretation and Application of Generally Accepted Accounting Principles

Book Description

Detailed, practical coverage of GAAP, tailored to not-for-profit organizations

Wiley Not-for-Profit GAAP 2015 is a thorough examination of the authoritative standards for measurement, presentation, and disclosure as applied to not-for-profit organizations. Clear and concise, this user-friendly guide explains the fundamentals of GAAP in an easily-accessible format that includes flowcharts and diagrams to help facilitate the reader's understanding of the material presented, including a financial statement disclosure checklist to confirm GAAP adherence. Designed specifically for accountants in public practice and industry, this guide covers all relevant FASB and AICPA guidelines, to provide a complete reference tool for auditors who need a comprehensive understanding of GAAP for not-for-profit organizations.

Due to these organizations' unique characteristics, not-for-profit accountants must adhere to specific Generally Accepted Accounting Principles. These requirements are complex and ever evolving, but Wiley Not-for-Profit GAAP 2015 brings them together in a single volume that contains the most up-to-the-minute information available.

  • Refine basic financial statements, including Financial Position, Activities, and Cash Flow

  • Tackle not-for-profit-specific issues like fundraising, noncash contributions, affiliations, and pledges

  • Tailor accounting methods to the specific type of organization, with budgeting, tax reporting, and regulatory advice

  • Discover how general accounting topics like assets, mergers, and liabilities are applied to not-for-profit organizations

  • 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. CHAPTER 1: OVERVIEW OF NOT-FOR-PROFIT ORGANIZATIONS
        1. PERSPECTIVE AND ISSUES
      2. CHAPTER 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. CHAPTER 3: STATEMENT OF FINANCIAL POSITION
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. DISCLOSURE REQUIREMENTS
      2. CHAPTER 4: STATEMENT OF ACTIVITIES
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. FINANCIAL STATEMENT PRESENTATION
        4. DISCLOSURE REQUIREMENTS
      3. CHAPTER 5: STATEMENT OF CASH FLOWS
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. DISCLOSURE REQUIREMENTS
      4. CHAPTER 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. CHAPTER 7: FUND ACCOUNTING
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. CONCLUSION
      2. CHAPTER 8: NET ASSETS
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. DISCLOSURE REQUIREMENTS
      3. CHAPTER 9: CONTRIBUTIONS, PLEDGES, NONCASH CONTRIBUTIONS, AND EXCHANGE TRANSACTIONS
        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. CHAPTER 10: INVESTMENTS
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. DISCLOSURE REQUIREMENTS
      5. CHAPTER 11: AFFILIATED ORGANIZATIONS
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. REPORTING OF RELATED ENTITIES
        4. CONCEPTS, RULES, AND EXAMPLES
        5. PASS-THROUGH GIFTS
        6. APPENDIX A CHECKLIST
      6. CHAPTER 12: SPLIT-INTEREST AGREEMENTS
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. DISCLOSURE REQUIREMENTS
      7. CHAPTER 13: FUNDRAISING AND JOINT COSTS
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. DISCLOSURE REQUIREMENTS
        4. APPENDIX A CHECKLIST
      8. CHAPTER 14: FUNCTIONAL REPORTING
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. DISCLOSURE REQUIREMENTS
      9. CHAPTER 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. CHAPTER 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. CHAPTER 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. CHAPTER 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. CHAPTER 19: CURRENT ASSETS AND CURRENT LIABILITIES
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. DISCLOSURE REQUIREMENTS
      2. CHAPTER 20: INVENTORY
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. DISCLOSURE REQUIREMENTS
      3. CHAPTER 21: LONG-LIVED ASSETS, DEPRECIATION, AND IMPAIRMENT
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. DISCLOSURE REQUIREMENTS
      4. CHAPTER 22: INTANGIBLE ASSETS
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. DISCLOSURE REQUIREMENTS
      5. CHAPTER 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. CHAPTER 24: MERGERS AND ACQUISITIONS
        1. PERSPECTIVE AND ISSUES
        2. ACCOUNTING FOR MERGERS AND ACQUISITIONS OF NOT-FOR-PROFIT ORGANIZATIONS
        3. CONCLUSION
      7. CHAPTER 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. CHAPTER 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. CHAPTER 27: ACCOUNTING CHANGES
        1. PERSPECTIVE AND ISSUES
      10. CHAPTER 28: ACCOUNTING FOR LEASES
        1. PERSPECTIVE AND ISSUES
        2. DEFINITIONS OF TERMS
        3. CONCEPTS, RULES, AND EXAMPLES
        4. DISCLOSURE REQUIREMENTS
      11. CHAPTER 29: FINANCIAL INSTRUMENTS
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
      12. CHAPTER 30: CAPITALIZATION OF INTEREST COSTS
        1. PERSPECTIVE AND ISSUES
        2. CONCEPTS, RULES, AND EXAMPLES
        3. DISCLOSURE REQUIREMENTS
    13. Appendix: Disclosure Checklist
    14. INDEX