By Richard F. Larkin, Marie DiTommaso
Detailed, functional insurance of GAAP, adapted to not-for-profit organizations
Wiley Not-for-Profit GAAP 2016 is a radical exam of the authoritative criteria for size, presentation and disclosure as utilized to not-for-profit businesses. as a result of those corporations' certain features, not-for-profit accountants needs to adhere to precise usually authorised Accounting rules (GAAP). those standards are advanced and ever evolving, yet this unmarried quantity brings them jointly, supplying the main up to date details to be had. Flowcharts and diagrams are used to help the reader's realizing of the fabric. also, a financial plan disclosure list allows GAAP adherence.
Designed in particular for accountants in public perform and undefined, this advisor covers specifications from all proper enterprises, together with the monetary Accounting criteria Board (FASB) and Accounting rules Board (APB). Technical and accounting examine announcements are basically and concisely summarized, as are all statements of place vital to not-for-profit enterprises. jointly, those assets make Wiley Not-for-Profit GAAP 2016 a whole reference instrument for auditors and monetary group of workers within the not-for-profit area.
- Refine easy monetary statements, together with monetary place, actions and money Flow
- Tackle not-for-profit-specific concerns like fundraising, noncash contributions, affiliations and pledges
- Tailor accounting the right way to the categorical form of association, with budgeting, tax reporting and regulatory advice
- Discover how common accounting subject matters like resources, mergers and liabilities are utilized to not-for-profit organizations
Preparers and auditors of not-for-profit bills needs to remain up to date at the most recent GAAP practices to most sensible serve the association, whereas complying with all disclosure, reporting and regulatory standards. Wiley Not-for-Profit GAAP 2016 offers broad insurance and sensible recommendation at the most recent GAAP, adapted to the not-for-profit organization's distinctive wishes
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Extra resources for Wiley Not-for-Profit GAAP 2016: Interpretation and Application of Generally
5. The net amount after deducting the amounts in 4. from the amounts in 3. This information is encouraged to be reported in tabular format. In addition, a description of the rights of setoff associated with an enforceable master netting arrangement, or similar agree ment, should be provided, including the nature of those rights. The FASB issued ASU 2013-01 Balance Sheet (Topic 210) Clarifying the Scope of Disclo sures about Offsetting Assets and Liabilities in response to concerns that ASU 2011-11’s dis closure requirements would apply to the standard commercial provisions of many contracts that equate to master netting arrangements.
3. The net amounts presented in the statement of financial position. 4. The amounts subject to an enforceable master netting arrangement or similar agreement not otherwise included in 2: a. The amounts related to recognized financial instruments and other derivative instruments that either: 1. Management makes an accounting policy election not to offset, or 2. Do not meet some or all of the guidance in either FASB ASC 210-20-45 or 815-10-45. b. The amounts related to financial collateral (including cash collateral).
The reporting party intends to set off. 4. The right of setoff is enforceable by law. Not-for-Profit GAAP 2016 26 As part of the FASB’s process to converge its standards with International Financial Report ing Standards (IFRS) it addressed the issue of offsetting conditional amounts recognized for contracts under which the amounts to be received or paid or items to be exchanged in the future depend on future interest rates, future exchange rates, future commodity prices, or other fac tors. Essentially, US GAAP permits offsetting of these conditional amounts, which basically applies to reporting derivatives, while IFRS does not.