Audit Risk Alert: Not-for-Profit Entities Industry Developments, 2019 (AICPA Audit and Accounting Guide) - Softcover

AICPA

Softcover

ISBN 10: 1948306921 ISBN 13: 9781948306928

Publisher: Wiley, 2019

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Not-for-profit auditor have a lot to consider as they navigate the pace of change in today's complex business environment. Many finance professionals serving the nonprofit sector are challenged with implementation of significant new accounting standards under U.S. GAAP, such as revenue recognition and accounting for not-for-profit grants and contracts.

Created for nonprofit finance and accounting staff, auditors, and board members alike, this alert features the most important developments affecting not-for-profit entities and the key issues auditors may face.

This guide covers all the changes on the horizon, including business environment issues like:

Cybersecurity and outsourcing
Accounting and auditing challenges (e.g., the implementation of FASB's not-for-profit financial statement presentation)
Revenue recognition
Leases standards

Delivered in an easily digestible format, this alert also covers legislative and regulatory issues such as unrelated business income tax, the "parking tax," and changes to IRS Form 990-T, as well as a discussion of the upcoming changes to the auditor's report.

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About the Author

Founded in 1887, the American Institute of Certified Public Accountants (AICPA) represents the CPA and accounting profession nationally and globally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the accounting profession’s technical and ethical standards.
The AICPA's founding established accountancy as a profession distinguished by rigorous educational requirements, high professional standards, a strict code of professional ethics, a licensing status and a commitment to serving the public interest.

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