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Title page
Copyright
Preface
Chapter 1 Introduction
Scope
Entities
Basis of Accounting
Level of Service
GAAP for NFPs
Fund Accounting and Net Asset Classes
Other Resources for Financial Reporting by NFPs
Chapter 2 General Auditing Considerations
Overview
Purpose of an Audit of Financial Statements
Audit Risk
Terms of Engagement
Audit Planning Considerations
Group Audits
Using the Work of an Auditor’s Specialist
Materiality
Related-Party Transactions
Consideration of Errors and Fraud
Compliance With Laws and Regulations
Processing of Transactions by Service Organizations
Use of Assertions in Assessment of Risks of Material Misstatement
Risk Assessment Procedures
Risk Assessment Procedures and Related Activities
Analytical Procedures
Discussion Among the Audit Team
Understanding of the Entity and Its Environment, Including the Entity’s Internal Control
Using Risk Assessment to Design Further Audit Procedures
Identifying and Assessing the Risks of Material Misstatement
Risks That Require Special Audit Consideration
Designing and Performing Further Audit Procedures
Evaluating the Sufficiency and Appropriateness of Audit Evidence
Evaluation of Misstatements Identified During the Audit
Communication With Those Charged With Governance
Completing the Audit
Going-Concern Considerations
Written Representations
Audit Documentation
Appendix A — Consideration of Fraud in a Financial Statement Audit
Chapter 3 Financial Statements, the Reporting Entity, and General Financial Reporting Matters
Introduction
Statement of Financial Position
Effects of Restrictions, Designations, and Other Limitations on Liquidity
Classification of Net Assets
Statement of Activities
Reporting Expenses, Including in a Statement of Functional Expenses
Statement of Cash Flows
Comparative Financial Information
Reporting of Related Entities, Including Consolidation
Relationships With Another NFP
Relationships With a For-Profit Entity
Consolidation of a Special-Purpose Leasing Entity
Consolidated Financial Statements
Parent-Only and Subsidiary-Only Financial Statements
Combined Financial Statements
Mergers and Acquisitions
Merger of Not-for-Profit Entities
Acquisition by a Not-for-Profit Entity
Collaborative Arrangements
The Use of Fair Value Measures
Definition of Fair Value
Valuation Approaches and Techniques
The Fair Value Hierarchy
Additional Guidance for Fair Value Measurement in Special Circumstances
Disclosures
Fair Value Option
Financial Statement Disclosures Not Considered Elsewhere
Noncompliance With Donor-Imposed Restrictions
Risks and Uncertainties
Subsequent Events
Related Party Transactions
Auditing
Financial Statement Close Process
Operating and Nonoperating Classifications in the Statement of Activities
Consolidation
Liquidity
Mergers and Acquisitions
Noncompliance With Donor-Imposed Restrictions
Supplement A — Flowcharts
Appendix A — Financial Statements Prepared in Accordance With FASB ASU No. 2016-14
Chapter 4 Cash, Cash Equivalents, and Investments
Cash and Cash Equivalents
Investments Discussed in This Chapter
Initial Recognition and Measurement of Investments
Valuation of Investments Subsequent to Acquisition
Equity Securities With Readily Determinable Fair Value ⠀伀琀栀攀爀 吀栀愀渀 䌀漀渀猀漀氀椀搀愀琀攀搀 匀甀戀猀椀搀椀愀爀椀攀猀 愀渀搀 䔀焀甀椀琀礀 匀攀挀甀爀椀琀椀攀猀 刀攀瀀漀爀琀攀搀 唀渀搀攀爀 琀栀攀 䔀焀甀椀琀礀 䴀攀琀栀漀搀) and All Debt Securities
Investments That Are Accounted for Under the Equity Method or a Fair Value Election
Derivative Instruments
Other Investments
Decline in Fair Value After the Date of the Financial Statements
Fair Value Measurements
Investment Income and Expenses
Unrealized and Realized Gains and Losses
Investments Held as an Agent
Investment Pools
Self-Managed Investment Pools
Investment Pools Managed by a Financially Interrelated Entity
Investment Pools Managed by Third Parties
Endowment Funds
Financial Statement Presentation
Cash and Cash Equivalents
Investments
Disclosures
Auditing
Endowment Funds
Investment Pools
Audit Objectives and Procedures
Appendix A — Determining Fair Value of Alternative Investments
Chapter 5 Contributions Received and Agency Transactions
Introduction
Distinguishing Contributions From Other Transactions
Agency Transactions
Variance Power
Financially Interrelated Entities
Similar Transactions That Are Revocable, Repayable, or Reciprocal
Exchange Transactions
Core Recognition and Measurement Principles for Contributions
Recognition Principles
Measurement Principles
Recognition If a Donor Imposes a Condition
Recognition If a Donor Imposes a Restriction
Additional Accounting Considerations for Certain Contributions
Promises to Give
Contributed Services
Special Events
Gifts in Kind
Contributed Items to Be Sold at Fund-raising Events
Contributed Fund-raising Material, Informational Material, or Advertising, Including Media Time or Space
Contributed Utilities and Use of Long-Lived Assets
Guarantees
Below-Market Interest Rate Loans
Contributed Collection Items
Split-Interest Agreements
Administrative Costs of Restricted Contributions
Measurement Principles for Contributions Receivable
Present Value Techniques
Organization of the Measurement Guidance
Initial Measurement
Subsequent Measurement
Financial Statement Presentation
Disclosures
Illustrative Disclosures
Auditing
Contributions Receivable
Agency Transactions
Appendix A — Excerpt From AICPA Financial Reporting White Paper Measurement of Fair Value for Certain Transactions of Not-for-Profit Entities
Appendix B — Technical Questions and Answers About Financially Interrelated Entities
Chapter 6 Split-Interest Agreements and Beneficial Interests in Trusts
Introduction
Types of Split-Interest Agreements
Recognition and Measurement Principles
Use of Fair Value Measures
Recognition of Revocable Agreements
Recognition of Irrevocable Agreements
Initial Recognition and Measurement of Unconditional Irrevocable Agreements Other Than Pooled Income Funds or Net Income Unitrusts
Initial Recognition and Measurement of Pooled Income Funds and Net Income Unitrusts
Recognition and Measurement During the Agreement's Term for Unconditional Irrevocable Agreements Other Than Pooled Income Funds or Net Income Unitrusts
Recognition and Measurement During the Agreement's Term for Pooled Income Funds and Net Income Unitrusts
Recognition Upon Termination of Agreement
Purchase of Annuity Contracts to Make Distributions to the Beneficiaries
Financial Statement Presentation
Statement of Financial Position
Statement of Activities
Disclosures
Examples of Split-Interest Agreements
Charitable Lead Trust
Perpetual Trust Held by a Third Party
Charitable Remainder Trust
Charitable Gift Annuity
Pooled ⠀䰀椀昀攀) Income Fund
Life Interest in Real Estate
Auditing
Appendix A — Excerpt From AICPA White Paper Measurement of Fair Value for Certain Transactions of Not-for-Profit Entities
Appendix B — Journal Entries
Chapter 7 Other Assets
Introduction
Inventory
Acting as an Agent in a Sale of Commodities
Prepaid Expenses, Deferred Costs, and Similar Items
Collections and Works of Art, Historical Treasures, or Similar Assets
Financial Statement Presentation of Collections
Illustrative Disclosures About Collections
Goodwill
Intangible Assets Other Than Goodwill
Auditing
Inventory
Goodwill
Collection Items
Chapter 8 Programmatic Investments
Introduction
Core Considerations for Accounting and Reporting
Loans
Effective Interest Rate Approach
Inherent Contribution Approach
Loans That Contain a Right to Profit From the Sale or Refinancing of Property
Forgiveness of Programmatic Loans
Impairment of Programmatic Loans
Disclosures About Programmatic Loans
Equity Instruments
Programmatic Equity Investments That Are Consolidated
Programmatic Equity Investments Reported Using the Equity Method
Programmatic Equity Investments Reported Using Fair Value
Programmatic Equity Investments Reported Using a Cost Method
Disclosures About Programmatic Equity Instruments
Guarantees
Concentrations of Risk
Presentation of Programmatic Investments
Contributed Resources for Making Programmatic Investments
Agency Resources for Making Programmatic Investments
Program-Related Investments of Private Foundations
Auditing
Chapter 9 Property and Equipment
Introduction
Recognition and Measurement Principles
Contributed Property and Equipment
Use of Property and Equipment Owned by Others
Capitalized Interest
Depreciation and Amortization
Expiration of Restrictions on Property and Equipment
Impairment or Disposal of Long-Lived Assets
Asset Retirement Obligations
Gains and Losses
Financial Statement Presentation
Auditing
Property and Equipment Additions
Account Balances
Chapter 10 Debt and Other Liabilities
Introduction
Fair Value Measurement
Municipal Bond Financing and Other Long-Term Debt
Joint and Several Liability Arrangements
Conduit Bonds That Trade in Public Markets
Credit Enhancement
Issuance of Municipal Bonds
Extinguishment and Modification Transactions
IRS Considerations
Financial Statement Presentation and Disclosure
Annual Filing Requirements
Tax Liabilities
Deferred Revenue
Refunds Due to and Advances From Third Parties
Promises to Give
Split-Interest Obligations
Amounts Held for Others Under Agency Transactions
Revenue Sharing and Other Agreements
Exit or Disposal Activities
Guarantees
Contingencies
Pension and Other Defined Benefit Postretirement Plan Obligations
Single-Employer Plans
Multiemployer Plans
Auditing
General
Debt
Appendix A — Municipal Securities Regulation
Appendix B — Auditor Involvement With Municipal Securities Filings
Chapter 11 Net Assets and Reclassifications of Net Assets
Introduction
Fiduciary Responsibilities to Meet Donor Restrictions
Failure to Meet a Donor’s Restriction
Net Asset Classes
Permanently Restricted Net Assets
Temporarily Restricted Net Assets
Unrestricted Net Assets
Noncontrolling Interests
Reclassifications
Expiration of Donor-imposed Restrictions
Using Restricted Contributions First
Expiration of Restrictions on Promises to Give
Expiration of Restrictions on Gifts of Long-Lived Assets or Gifts for Their Purchase
Expiration of Restrictions on Donor Restricted Endowment Funds
Restrictions That Are Met in the Same Year as the Contribution Was Received
Disclosures
Changing Net Asset Classifications Reported in a Prior Year
Auditing
Appendix A — Financial Statements Prepared in Accordance with FASB ASU No. 2016-14
Chapter 12 Revenues and Receivables From Exchange Transactions
Introduction
Difference Between Revenues and Gains
Recognition, Measurement, and Display of Revenue
Discounts
Membership Dues
Receivables From Exchange Transactions
Auditing
Appendix A—Implementation Guidance for FASB Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers ⠀吀漀瀀椀挀 㘀 㘀)
Chapter 13 Expenses, Gains, and Losses
Introduction
Expenses
Expense Recognition Issues
Fund-raising Costs
Financial Aid and Other Reductions in Amounts Charged for Goods and Services
Advertising Costs
Services Received From an Affiliate
Start-Up Costs
Internal Use Computer Software Costs
Contributions Made
Gains and Losses
Reporting Costs Related to Sales of Goods and Services
Reporting the Cost of Special Events and Other Fund-raising Activities
Investment Revenues, Expenses, Gains, and Losses
Functional Reporting of Expenses
Program Services
Supporting Services
Classification of Expenses Related to More Than One Function
Support to Related Local and National NFPs
Distributions From Financially Interrelated Fund-raising Foundations to Specified Beneficiaries
Expenses of Federated Fund-raising Entities
Income Taxes
Auditing
Expense Recognition Issues
Gains and Losses
Functional Reporting of Expenses
Supplement A — Accounting for Joint Activities
Supplement B — Examples of Applying the Criteria of Purpose, Audience, and Content to Determine Whether a Program or Management and General Activity Has Been Conducted
Supplement C — Allocation Methods for Joint Costs
Supplement D — Examples of Disclosures
Chapter 14 Reports of Independent Auditors
Reports on Financial Statements
Reports on Comparative Financial Statements and Presentation of Comparative Information
Unmodified Opinions
Modified Reports and Departures From Unmodified Opinions
Going Concern
Reporting on Supplementary Information
Special Considerations
Reporting Under Other Technical Standards
Reporting on Prescribed Forms
Reports Required by Government Auditing Standards, the Single Audit Act Amendments of 1996, and the Uniform Guidance
Chapter 15 Tax and Regulatory Considerations
Introduction
Internal Revenue Service
Basis of Exemption
IRS Filing Requirements
Unrelated Business Income
Alternative Investments
Tax Shelters
Employment Taxes
Private Foundations
Income Tax Positions
Deferred Tax Assets and Liabilities
State and Local Regulations
State Charitable Solicitation Laws
State and Local Gaming Regulations
Uniform Prudent Management of Institutional Funds Act
Securities Regulation
Sarbanes Oxley and Governance Policies
Executive Compensation
Other Regulatory Activities
U.S. Department of the Treasury Anti-Terrorist Financing Guidelines: Voluntary Best Practices for U.S.-Based Charities
Auditing
Chapter 16 Fund Accounting
Introduction
Fund Accounting and External Financial Reporting
Unrestricted Current ⠀漀爀 唀渀爀攀猀琀爀椀挀琀攀搀 伀瀀攀爀愀琀椀渀最 漀爀 䜀攀渀攀爀愀氀) Funds
Restricted Current ⠀漀爀 刀攀猀琀爀椀挀琀攀搀 伀瀀攀爀愀琀椀渀最 漀爀 匀瀀攀挀椀昀椀挀ⴀ倀甀爀瀀漀猀攀) Funds
Plant ⠀漀爀 䰀愀渀搀Ⰰ 䈀甀椀氀搀椀渀最Ⰰ 愀渀搀 䔀焀甀椀瀀洀攀渀琀) Funds
Loan Funds
Endowment Funds
Annuity and Life-Income ⠀匀瀀氀椀琀ⴀ䤀渀琀攀爀攀猀琀) Funds
Agency ⠀伀爀 䌀甀猀琀漀搀椀愀渀) Funds
Summary
Appendix A The New Not-for-Profit Financial Reporting Model Standards: FASB ASU No. 2016-14
Appendix B The New Revenue Recognition Standard: FASB ASC 606