audit committee issues in not for profit entities

... estimation for not- for- profit firms parallels that for investor-owned firms 30 - Is there any difference between the WACC formula for investor-owned firms and that for not- for- profit businesses? ... between investorowned and not- for- profit businesses?  Because not- for- profit firms have no shareholders, they are not concerned with the goal of maximizing shareholder wealth  Goals of not- for- profit ... using debt as encountered by investor-owned firms 30 - 12 Is the asymmetric information theory applicable to not- for- profit businesses? The asymmetric information theory is not applicable to not- for- profit...

Ngày tải lên: 06/04/2015, 19:41

... than a payback in profit The costs of using and maintaining the assets should be included in the operating budget These include the expertise needed to keep the information and accounting systems ... and not- for- profit governance.) The 20 Questions for Not- for- Profits Series 20 Questions Directors of Not- for- profit Organizations Should Ask about Governance 20 Questions Directors of Not- for- profit ... uncertainties in revenues 22 Uses of funds One of the biggest differences between for- profit and not- for- profit organizations is their view of costs Success for a business is defined as making a profit...

Ngày tải lên: 21/02/2014, 17:20

... information throughout the text on treatment Bar Association Charity and Not- for- Profit Law Section, of not- for- profit corporations and their directors under for their input and help in winning ... |1| The not- for- profit board of directors For- profit and not- for- profit directors share a legal The not- for- profit corporation is governed by a board responsibility to act in the best interests ... as A not- for- profit entity can incorporate either federally or provincially, depending on the scope of its stated well as director information s Some not- for- profit entities (excluding registered...

Ngày tải lên: 08/03/2014, 16:20

... NOT- FOR- PROFIT FISCAL MANAGEMENT (a) Accounting Principles (i) Not- for- Profit Accounting Is Not Very Different from For- Profit Accounting Most of not- for- profit accounting is no different from for- profit ... contributions is discussed in Chapter (f) Accounting for Investments With the issuance of SFAS 124, Accounting for Certain Investments Held by Not- for- Profit Organizations, not- for- profit organizations ... complexity is increased for ordinary activities typical to many not- forprofit organizations; raffle events, advertising sales, and holding investments in real estate to name but a few.5 Not- for- profit...

Ngày tải lên: 13/03/2014, 23:41

... Budget/finance /audit committee (approving budgets, monitoring financial activity, and selecting and reviewing auditors’ report)  Board development/nominating committee (soliciting, interviewing, and ...  Providing child care, operating a school, or providing low-income housing  Publishing, owning, or having rights to music, literature, or other intellectual property  Operating in a foreign ... structure, and the unique accounting and reporting issues they face Although not all encompassing, the information provided here should be sufficient in assisting with maintaining the financial books of...

Ngày tải lên: 14/03/2014, 00:19

... been included in schedules submitted with Form 990 and Form 990-EZ, this information can be deleted from the package of information provided to the inspector Place of Inspection If a not- for- profit ... Must Be Made Available for Inspection? Records that must be made available for inspection include the following: Form 990, Form 990-EZ, Form 990-BL, and Form 1065, including all schedules and ... Professional Accounting Standards Most not- for- profit organizations eventually retain the services of an independent CPA Auditing CPAs are required to follow Not- For- Profit Professional Accounting Standards...

Ngày tải lên: 14/03/2014, 00:24

... Accounting Periods Accounting periods for not- for- profit organizations include: ➢ Calendar year When a not- for- profit organizations year begins on January and ends on December 31 Fiscal year Not- for- profit ... maturity date Form 990 Form 990 is an information IRS filing It is open to public inspection Form 990-EZ Form 990-EZ is a shortened version of the Form 990 that is suitable for smaller not- forprofit-organizations ... public inspection Form 990-N Form 990-N is an electronic information IRS filing for very small not- for- profit organizations that not regularly have gross receipts over $25,000 Form 990-PF Form...

Ngày tải lên: 14/03/2014, 00:32

... which promotes international understanding and ongoing corporate sustainability projects in India • Capstone and Individual Projects You will have the opportunity to specialise in the NFP sector ... working together in a culturally diverse team to create value and sustainable strategies for Leap Local, each of us has gained a better understanding of people dynamics and enhanced our skills in ... committed to working in the NFP sector in the UK There are a number of other scholarships and bursaries available For information on any of these, please visit our website • Costs For up to programme...

Ngày tải lên: 23/03/2014, 17:21

... supplementary information: This is information that is useful (but not essential) for placing financial statement and note information in an appropriate context The GASB does not require supplementary information, ... (RSI): RSI is information the GASB has determined is essential for placing financial statement and note information in an appropriate context The information must be objective and does not include ... Accompanying Information Apago PDF Enhancer Objectives of Financial Reporting by Not- for- Profit Entities FASB has issued seven concepts statements, including one dedicated to nonbusiness entities In...

Ngày tải lên: 20/06/2014, 20:20

... other financing sources Other financing sources Transfers in Debt proceeds Estimated other financing uses Other financing uses Transfers out Encumbrances those resources are recognized in these ... Accounting ILLUSTRATION 3–2 59 Diagram of GASB Statement 54 Are there assets (inventory or prepaids) not in spendable form? or Is the government required to maintain a permanent fund principal? ... (or inflows) of financial resources while Expenditures and Other Financing Uses represent uses (or outflows) of financial resources Other Financing Sources include transfers in from other funds...

Ngày tải lên: 20/06/2014, 20:20

... Cash ……………… Dr Other Financing Sources— Transfers In …….… … Cr Interfund Reimbursement In an interfund reimbursement, one fund initially records a purchase that belongs in another fund The fund ... encumbrances are not to be reported as expenditures (except in statements on schedules prepared in conformity with budgetary practices instead of generally accepted accounting principles [GAAP]) Information ... City’s costs (not to exceed $150,000) for the purpose of training new 911 operators During the year, the City paid $147,500 (not reflected in the expenditures above) to train new operators for the...

Ngày tải lên: 20/06/2014, 20:20

... Enhancer OTHER ISSUES INVOLVING INTERNAL SERVICE FUNDS Risk Management Activities In recent years, governments have been turning to self-insurance for part or all of their risk financing activities ... and includes cash flows from operating activities, investing activities, capital and related financing activities, and noncapital-related financing activities Now that you have finished reading ... accounts for its inventories on the perpetual inventory basis because the information is needed for proper performance of its primary function Accordingly, when supplies are issued, the Inventory...

Ngày tải lên: 20/06/2014, 20:20

... 2/1/10 5:53:28 PM Chapter Nine Accounting for SpecialPurpose Entities, Including Public Colleges and Universities Be thankful we’re not getting all the government we’re paying for (Will Rogers, American ... previous information, prepare, in good form, a Statement of Activities for the City of Northern Pines for the year ended June 30, 2012 Northern Pines has no component units 8–9 The City of Grinders ... $554,000 for governmental activities and $215,000 for businesstype activities Include a Total column 8–8 The following information is available for the preparation of the governmentwide financial...

Ngày tải lên: 20/06/2014, 20:20

... Private-sector not- for- profit health care entities must disclose expenses by their functional classifications in the notes, if not provided in the Statement of Operations • As is true for other not- for- profits, ... Statements for Private-Sector Not- for- Profit Health Care Entities Financial statements required for private-sector not- for- profit hospitals include the Statement of Operations, Statement of Changes in ... Unrealized Gains on Investments Decrease in Patient Accounts Receivable Increase in Contributions Receivable Increase in Supplies Increase in Accounts Payable Increase in Accrued Expenses Gain on Sale...

Ngày tải lên: 20/06/2014, 20:20

... government and not- for- profit organizations GOVERNMENTAL AUDITING Auditing of governmental and not- for- profit entities has much in common with auditing of business enterprises, including making judgments ... all remaining fund information The first two categories relate to information contained in the government-wide financial statements and the remaining three relate to information contained in the ... understanding of internal controls for use in selecting programs for audit, in determining whether the auditee is low risk, and in reporting Major Programs A major program is a program selected for audit...

Ngày tải lên: 20/06/2014, 20:20

... and not- for- profit) Used in accounting for govern- organizations indicating Apago PDF mental and not- for- profitthat is unrestricted Enhancer that portion of net assets modified approach (infrastructure) ... restricted (governmental ) net assets—temporarily restricted (not- forprofit) Used in accounting for not- for- profit organizations indicating the amount of net assets whose use is temporarily restricted ... (governmental) The portion of net assets—permanently restricted (not- for- profit) Used in accounting for not- forprofit organizations indicating the amount of net assets whose use is permanently restricted...

Ngày tải lên: 20/06/2014, 20:20

... Accounting and Financial Reporting for Certain Investments and for External Investment Pools (Statement 31), 139, 826 Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance ... Accounting and Financial Reporting for Certain Investments and for External Investment Pools (GASB Statement 31), 194, 284 Accounting and Financial Reporting for Impairment of Capital Assets and for ... Note disclosures, 304 Not- for- profit accounting, overview, 302–308 Not- for- profit entities assets identification, 322 financial reporting objectives, Not- for- Profit Entities: Mergers and Acquisitions...

Ngày tải lên: 20/06/2014, 20:20

... elements including discharging area, type of discharge, and kind of industry Therefore, the need for a simplified effluent guideline has been suggested (De La O et al., 1994) By selecting critical ... data in the effort of government solely, monitoring and reporting requirements are necessary to be imposed on the industries In part, the role of local governments might be increased in gathering ... concentrating on the wastewater characteristics Areal classification could be modified into direct and indirect discharge area, without including the drinking water protection area For indirect...

Ngày tải lên: 05/09/2013, 10:15

... SOUNDINGS discrimination of thin clouds is possible using more highly resolved line absorption information; and (3) spectral measurements enhance the capability of providing other nonsounding information, ... another Errors introduced by these limitations are not a major concern if it is known that initial estimates not propagate into the final retrieval For characterizing climate and especially for ... requirements to instrument capabilities in a cost-effective manner 3The committee s forthcoming phase two report, Issues in the Integration of Research and Operational Satellite Systems for Climate...

Ngày tải lên: 17/02/2014, 07:20

... timescale), drawing on external expertise as necessary • As regards addressing issues of profit sharing (including possible future gains from property sales or refinancing) in negotiating the partnership ... practice in procuring and monitoring partnerships In applying this to the deals it is examining, the line between managerial and audit functions may become blurred, jeopardising the SAI's independence ... are in place • Obtain an independent, expert valuation of the assets • Ensure that issues of profit sharing (including possible future gains from property sales or refinancing) are addressed...

Ngày tải lên: 18/02/2014, 05:20