Wiley Not-for-Profit GAAP 2017

6Other 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
   1. A Complicated Set of Class Financial Statements
6. Interim Reporting
7. Perspective and Issues
8. Concepts, Rules, and Examples
   1. Revenue and Expense Recognition
   2. Inventories
   3. Other Costs and Expenses
   4. Unrelated Business Income Taxes
   5. Discontinued Operations and Extraordinary Items
   6. Accounting Changes
   7. Contingent Items
   8. Seasonality
   9. Fourth Quarter Adjustments
9. Disclosure Requirements
10. Subsequent Events
    1. Definition
11. Public Entities
    1. Conduit Debt Obligors

This chapter is divided into separate sections that address issues often considered by not-for-profit organizations in presenting financial statements in accordance with generally accepted accounting principles.

Comparative Financial Information

Perspective and Issues

Although they are not required, comparative financial statements increase the usefulness of the financial information presented to the reader. Financial statement presentations are enhanced if they present financial statements for at least two years. Financial statement readers, including donors, boards of directors, audit committees, and creditors, etc., have come to expect to see comparative information in financial statements.

Concepts, Rules, and Examples

Comparative financial statements help readers understand the trends of current changes affecting an organization. They allow the reader ...