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Wiley Not-for-Profit GAAP 2016: Interpretation and Application of Generally Accepted Accounting Principles


The most practical, authoritative guide to Not-for-Profit GAAP

Wiley Not-for-Profit GAAP 2016 is a comprehensive, easy-to-use guide to the accounting and financial reporting principles used by not-for-profit organizations. It is written with the needs of the financial statement preparer, user, and attestor in mind, and provides a complete review of the authoritative accounting literature that impacts all types of not-for-profit organizations.

At the same time, Wiley Not-for-Profit GAAP 2016 features many examples and illustrations that will assist the reader in applying the principles to real-life situations. Key features include:

  • Easy-to-use information that enables the reader to find what they need quickly
  • Coverage of accounting principles specifically related to not-for-profit organizations, as well as accounting principles applicable to organizations of all kinds
  • Coverage of accounting issues affecting different types of not-for-profit organizations
  • A comprehensive disclosure checklist that helps financial statement preparers and attestors ensure that all disclosures required by GAAP have been considered
  • Many examples and illustrations that make it easy to put accounting theory into practice

This 2016 edition includes new information covering:

  • Going concern disclosures
  • New FASB accounting standards updates for simplifying accounting and reporting
  • Updated disclosures for investments in entities that calculate net asset value
  • Push-down accounting
  • Revenue contracts with customers

Wiley Not-for-Profit GAAP 2016 is a thorough and reliable reference which is designed to be kept to hand on your desk, rather than on the shelf.

Richard F. Larkin, CPA (Bethesda, MD) is technical director of not-for-profit accounting and auditing for Long Group, Chartered, in Bethesda, Maryland. He is a certified public accountant with over 35 years of experience serving not-for-profit organizations. He teaches, speaks, and writes extensively on not-for-profit industry matters.

Marie DiTommaso, CPA, (Woodcliff Lake, NJ) is a partner in her own CPA practice, DiTommaso & Ruppel, CPAs. She has over 20 years of experience in accounting and financial reporting in both the not-for-profit and commercial accounting environments.

Preface vii

About The Authors ix

Not-for-Profit Accounting Literature xi

Part 1 Overview of Not-for-Profit Organizations 1

Chapter 1 Overview of Not-for-Profit Organizations 3

Chapter 2 Cash Versus Accrual Basis Accounting 11

Part 2 Basic Financial Statements 21

Chapter 3 Statement of Financial Position 23

Chapter 4 Statement of Activities 31

Chapter 5 Statement of Cash Flows 41

Chapter 6 Other Financial Statement Issues 55

Part 3 Specific Not-for-Profit Accounting Topics 73

Chapter 7 Fund Accounting 75

Chapter 8 Net Assets 87

Chapter 9 Contributions, Pledges, Noncash Contributions, and Exchange Transactions 95

Chapter 10 Investments 139

Chapter 11 Affiliated Organizations 159

Chapter 12 Split-Interest Agreements 179

Chapter 13 Fundraising and Joint Costs 189

Chapter 14 Functional Reporting 203

Chapter 15 Collections 209

Part 4 Other Accounting-Related Not-for-Profit Topics 213

Chapter 16 Accounting for Specific Types of Not-for-Profits 215

Chapter 17 Importance of Budgets to a Not-for-Profit 229

Chapter 18 Principal Federal and State Tax Reporting and Regulatory Requirements 247

Part 5 General Accounting Topics Applied to Not-for-Profit Organizations 305

Chapter 19 Current Assets and Current Liabilities 307

Chapter 20 Inventory 315

Chapter 21 Long-Lived Assets, Depreciation, and Impairment 323

Chapter 22 Intangible Assets 335

Chapter 23 Contingencies 343

Chapter 24 Mergers and Acquisitions 359

Chapter 25 Accounting for Pensions and Postretirement Benefits 375

Chapter 26 Long-Term Liabilities 411

Chapter 27 Accounting Changes 429

Chapter 28 Accounting for Leases 435

Chapter 29 Financial Instruments 469

Chapter 30 Capitalization of Interest Costs 481

Appendix: Disclosure Checklist 487

Index 517