FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W129488752> ?p ?o ?g. }

• W129488752 startingPage "63" @default.
• W129488752 abstract "Three recent Financial Accounting Standards Board statements fundamentally change the way not-for-profit organizations (NPOs) prepare external financial statements. They require that promises to give and certain contributed services be recognized as revenue and classified in the statement of activities based on the presence or absence of donor-imposed restrictions. In addition to a statement of cash flows, the FASB standards also require NPOs to report total assets, liabilities and net assets in a statement of financial position, with most investments reported at fair value and net assets reported based on any donor-imposed restrictions. Auditors need to be familiar with these provisions, particularly those governing the distinctions between unrestricted, temporarily restricted and permanently restricted net assets. In response to these changes, the American Institute of CPAs issued a new audit and accounting guide, Not-for-Profit Organizations, to provide guidelines for preparing and auditing NPO financial statements. The provisions of the new guide, issued in August 1996, generally are effective for financial statements for fiscal years ending on or after December 31, 1996. Earlier application is permitted. The effects of adopting the guide may be reported in a manner similar to the cumulative effect of a change in accounting principle as specified by Accounting Principles Board Opinion no. 20, Accounting Changes, or retroactively. This article provides an overview of the new guide to help NPOs and their auditors implement its requirements. (See the sidebar on page 65 for a discussion of how an NPO is defined.) NEED FOR THE PROJECT FASB Statement no. 116, Accounting for Contributions Received and Contributions Made, Statement no. 117, Financial Statements of Not-for-profit Organizations, and Statement no. 124, Accounting for Certain Investments Held by Not-for-Profit Organizations--and changes in practice since the issuance of the three guides the new NPO guide replaces (see box on page 64)--made much of the existing industry-specific NPO guidance obsolete. As a result, the AICPA completely rewrote its guidance for NPOs other than health care providers and combined it into one guide. (As part of another project, the AICPA revised Audits of Providers of Health Care Services and issued Health Care Organizations.) The new NPO guide focuses on significant aspects of NPOs' financial statements. It also describes how information from an internal fund accounting system can be used to prepare external financial statements in conformity with generally accepted accounting principles. To help auditors understand an NPO's internal controls, assess control risk and plan and conduct an audit, the new guide includes specific audit objectives, examples of controls and sample audit procedures for matters unique to NPOs. The guide, which incorporates the requirements of Statement nos. 116, 117 and 124, also covers two SOPs: 87-2, Accounting for Joint Costs of Informational Materials and Activities of Not-for-Profit Organizations That Include a FundRaising Appeal, and 94-2, The Application of the Requirements of Accounting Research Bulletins, Opinions of the Accounting Principles Board, and Statements and Interpretations of the Financial Accounting Standards Board to Not-for-Profit Organizations. (The new guide supersedes both SOPs.) Two other SOPs are included in appendices: 92-9, Audits of Not-for-Profit Organizations Receiving Federal Awards, and 94-3, Reporting of Related Entities by Not-for-Profit Organizations. ACCOUNTING FOR CONTRIBUTIONS Distinguishing contributions from other asset transfers. It is often difficult to distinguish contributions from exchange transactions because some asset transfers--including grants, awards and sponsorships provided by foundations, governments and other resource providers--have elements of both. The new guide includes indicators that are useful in differentiating contributions from exchange transactions. …" @default.
• W129488752 created "2016-06-24" @default.
• W129488752 creator A5018772696 @default.
• W129488752 creator A5036262213 @default.
• W129488752 creator A5041542560 @default.
• W129488752 creator A5047411920 @default.
• W129488752 creator A5090134544 @default.
• W129488752 date "1996-11-01" @default.
• W129488752 modified "2023-09-23" @default.
• W129488752 title "New AICPA Audit and Accounting Guide for NPOs" @default.
• W129488752 hasPublicationYear "1996" @default.
• W129488752 type Work @default.
• W129488752 sameAs 129488752 @default.
• W129488752 citedByCount "0" @default.
• W129488752 crossrefType "journal-article" @default.
• W129488752 hasAuthorship W129488752A5018772696 @default.
• W129488752 hasAuthorship W129488752A5036262213 @default.
• W129488752 hasAuthorship W129488752A5041542560 @default.
• W129488752 hasAuthorship W129488752A5047411920 @default.
• W129488752 hasAuthorship W129488752A5090134544 @default.
• W129488752 hasConcept C10138342 @default.
• W129488752 hasConcept C121955636 @default.
• W129488752 hasConcept C128769094 @default.
• W129488752 hasConcept C138262166 @default.
• W129488752 hasConcept C144133560 @default.
• W129488752 hasConcept C163428354 @default.
• W129488752 hasConcept C163867264 @default.
• W129488752 hasConcept C171820377 @default.
• W129488752 hasConcept C183206440 @default.
• W129488752 hasConcept C195487862 @default.
• W129488752 hasConcept C199521495 @default.
• W129488752 hasConcept C2780015409 @default.
• W129488752 hasConcept C2781027943 @default.
• W129488752 hasConcept C544937707 @default.
• W129488752 hasConcept C63149375 @default.
• W129488752 hasConcept C97366136 @default.
• W129488752 hasConceptScore W129488752C10138342 @default.
• W129488752 hasConceptScore W129488752C121955636 @default.
• W129488752 hasConceptScore W129488752C128769094 @default.
• W129488752 hasConceptScore W129488752C138262166 @default.
• W129488752 hasConceptScore W129488752C144133560 @default.
• W129488752 hasConceptScore W129488752C163428354 @default.
• W129488752 hasConceptScore W129488752C163867264 @default.
• W129488752 hasConceptScore W129488752C171820377 @default.
• W129488752 hasConceptScore W129488752C183206440 @default.
• W129488752 hasConceptScore W129488752C195487862 @default.
• W129488752 hasConceptScore W129488752C199521495 @default.
• W129488752 hasConceptScore W129488752C2780015409 @default.
• W129488752 hasConceptScore W129488752C2781027943 @default.
• W129488752 hasConceptScore W129488752C544937707 @default.
• W129488752 hasConceptScore W129488752C63149375 @default.
• W129488752 hasConceptScore W129488752C97366136 @default.
• W129488752 hasIssue "5" @default.
• W129488752 hasLocation W1294887521 @default.
• W129488752 hasOpenAccess W129488752 @default.
• W129488752 hasPrimaryLocation W1294887521 @default.
• W129488752 hasRelatedWork W118063537 @default.
• W129488752 hasRelatedWork W137474722 @default.
• W129488752 hasRelatedWork W1489889705 @default.
• W129488752 hasRelatedWork W1502009305 @default.
• W129488752 hasRelatedWork W1978667528 @default.
• W129488752 hasRelatedWork W2012677769 @default.
• W129488752 hasRelatedWork W2319997901 @default.
• W129488752 hasRelatedWork W2395326550 @default.
• W129488752 hasRelatedWork W2413078944 @default.
• W129488752 hasRelatedWork W2597526715 @default.
• W129488752 hasRelatedWork W2617487546 @default.
• W129488752 hasRelatedWork W2940726263 @default.
• W129488752 hasRelatedWork W2963689754 @default.
• W129488752 hasRelatedWork W2991665661 @default.
• W129488752 hasRelatedWork W2997070782 @default.
• W129488752 hasRelatedWork W3170900574 @default.
• W129488752 hasRelatedWork W3198622719 @default.
• W129488752 hasRelatedWork W57911634 @default.
• W129488752 hasRelatedWork W243533107 @default.
• W129488752 hasRelatedWork W2587594129 @default.
• W129488752 hasVolume "182" @default.
• W129488752 isParatext "false" @default.
• W129488752 isRetracted "false" @default.
• W129488752 magId "129488752" @default.
• W129488752 workType "article" @default.