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Financial statement preparation for not-for-profit entities can be complex. Whether preparing or auditing them, accountants will find the tools they need in this helpful resource. This checklist contains the most comprehensive financial reporting and disclosure guidance available, plus a complete set of illustrative financial statements to assist you in understanding and applying standards like ASU 2018-08, and 2014-09.New in 2020:* revenue recognition* grants and contracts
List of contents
Part 1--Instructions 1General 1Guidance Considered in This Edition 2Instructions 2Part 2--Financial Statements and Notes Checklist 5I. General 7II. Statement of Financial Position 46III. Statement of Activities 98IV. Statement of Cash Flows 114Part 3--Auditors' Reports Checklist 119I. For Audits Conducted Prior to the Adoption of the Suite of New Reporting Standards 120II. For Audits Conducted After the Adoption of the Suite of New Reporting Standards 138Part 4--Auditors' Reports Checklist for Audits Performed in Accordance With Government Auditing Standards and the Uniform Guidance 163I. Reports on Audits Performed in Accordance With GAS 165II. Reports on Audits Performed in Accordance With the Uniform Guidance 174Part 5--Accountants' Reports on Compiled Financial Statements or Information or Reviewed Financial Statements Checklist 187I. Checklist Questionnaire for Compiled Financial Statements, Prospective Financial Information, Pro Forma Financial Information, and Other Historical Financial Information Using AR-C (Clarified) Standards 188II. Checklist Questionnaire for Review Engagements Using AR-C (Clarified) Standards Prior to the Adoption of SSARS No. 25 193III. Checklist Questionnaire for Review Engagements Using AR-C (Clarified) Standards After the Adoption of SSARS No. 25 200Part 6--Illustrative Financial Statements, Notes, and Auditor's Report 211
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
Financial statement preparation for not-for-profit entities can be complex. Whether preparing or auditing them, accountants will find the tools they need in this helpful resource. This checklist contains the most comprehensive financial reporting and disclosure guidance available, plus a complete set of illustrative financial statements to assist you in understanding and applying standards like ASU 2018-08, and 2014-09.
New in 2020:
* revenue recognition
* grants and contracts
