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This Not-for-Profit Industry Development Audit Risk Alert shows changes on the horizon as well as current business environment issues and accounting and auditing challenges such as:
* Cybersecurity and outsourcing
* Implementation of FASB's revenue recognition standards
* Changes to the auditor's report
* Preparation for FASB's leases and other accounting standards updates
Delivered in an easily digestible format, this alert also covers legislative and regulatory issues like the unrelated business income tax and changes to IRS Form 990-T as well as a discussion of the Department of Labor's overtime rule.
List of contents
Not-for-Profit Entities Industry Developments -- 2020 .01-.383
How This Alert Helps You .01-.03
Economic and Industry Developments .04-.84
The Current Economy .04-.11
The State of NFPs .12-.84
Legislative and Regulatory Developments .85-.120
Repeal of the "Parking Tax" and the IRS's Refund Procedures .85-.89
Changes to IRS Form 990-T .90
Congress Mandates Electronic Filing of Form 990 Series Returns .91-.95
IRS Examining Abusive Syndicated Conservation Easement Transactions .96-.98
Deductibility of Charitable Contributions That Generate State Income Tax Credits .99
Department of Labor's Overtime Rule .100-.110
Matters Affecting Higher Education .111-.118
Matters Affecting Religious Organizations .119-.120
Audit and Attestation Issues and Developments .121-.203
Audit Risks for NFPs .121-.203
Accounting Issues and Developments .204-.320
Clarification of the Accounting for Grants and Similar Contracts .204-.255
Revenue From Contracts With Customers: Disclosure Requirements .256-.266
Estimation Risk in Liquidity and Availability Disclosures .267-.273
FASB Implements New Approach to Effective Dates .274-.275
FASB Delays Certain Effective Dates for Credit Losses, Hedging, Leases, and Long-Duration Insurance Standards .276-.284
FASB's Leases Update .285-.294
FASB Staff Q&A on Credit Losses Implementation .295-.296
Consolidation of Related Entities .297-.314
FASB's Reference Rate Reform .315-.320
Recent Pronouncements .321-.324
Recent ASUs .322
Recent Auditing and Attestation Pronouncements and Related Guidance .323
Recently Issued Technical Questions and Answers .324
Recent AICPA Independence and Ethics Developments .325-.327
AICPA Professional Ethics Division: State and Local Government Client Affiliates .325-.327
On the Horizon .328-.346
Auditing Pipeline .330-.340
Accounting Pipeline .341-.345
Independence and Ethics Pipeline .346
NFP Initiatives .347-.360
Not-for-Profit Member Section .348-.353
Not-for-Profit Certificate Programs .354-.360
Resource Central .361-.382
Publications .362
CPE .363-.366
Webcasts .367-.368
Member Service Center .369
Hotlines .370-.371
Online Professional Library: Accounting and Auditing Literature .372
Industry Conference .373-.374
Governmental Audit Quality Center .375-.378
Industry Expert Panel -- Not-for-Profit Entities .379
AICPA.org Not-for-Profit Interest Area .380
Industry Websites .381-.382
Appendix -- Additional Internet Resources .383
About the author
The American Institute of CPAs (AICPA) is the world's largest member association representing the CPA profession, with more than 429,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA examination, offers specialized credentials, builds the pipeline of future talent and drives professional competency development to advance the vitality, relevance and quality of the procession.
Summary
This Not-for-Profit Industry Development Audit Risk Alert shows changes on the horizon as well as current business environment issues and accounting and auditing challenges such as:
* Cybersecurity and outsourcing
* Implementation of FASB's revenue recognition standards
* Changes to the auditor's report
* Preparation for FASB's leases and other accounting standards updates
Delivered in an easily digestible format, this alert also covers legislative and regulatory issues like the unrelated business income tax and changes to IRS Form 990-T as well as a discussion of the Department of Labor's overtime rule.
