(eBook PDF) Auditing and Accounting Guide: Notfor-Profit Entities, 2019 pdf download
https://ebooksecure.com/product/ebook-pdf-auditing-andaccounting-guide-not-for-profit-entities-2019/
We believe these products will be a great fit for you. Click the link to download now, or visit ebooksecure.com to discover even more!
(eBook PDF) Government Not-for-Profit Accounting Concepts Practices 7th
http://ebooksecure.com/product/ebook-pdf-government-not-forprofit-accounting-concepts-practices-7th/
(eBook PDF) Government and Not-for-Profit Accounting: Concepts and Practices, 8th Edition
http://ebooksecure.com/product/ebook-pdf-government-and-not-forprofit-accounting-concepts-and-practices-8th-edition/
(eBook PDF) Essentials of Accounting for Governmental and Not-for-Profit Organizations 14th Edition
http://ebooksecure.com/product/ebook-pdf-essentials-ofaccounting-for-governmental-and-not-for-profitorganizations-14th-edition/
(eBook PDF) Essentials of Accounting for Governmental and Not-for-Profit Organizations 13th Edition
http://ebooksecure.com/product/ebook-pdf-essentials-ofaccounting-for-governmental-and-not-for-profitorganizations-13th-edition/
Essentials of Accounting for Governmental and Not-forProfit Organizations 13th Edition (eBook PDF)
http://ebooksecure.com/product/essentials-of-accounting-forgovernmental-and-not-for-profit-organizations-13th-edition-ebookpdf/ Accounting for Governmental and Nonprofit Entities 18th Edition (eBook PDF)
http://ebooksecure.com/product/accounting-for-governmental-andnonprofit-entities-18th-edition-ebook-pdf/
(eBook PDF) Accounting for Governmental Nonprofit Entities 17th
http://ebooksecure.com/product/ebook-pdf-accounting-forgovernmental-nonprofit-entities-17th/
(eBook PDF) Accounting for Governmental & Nonprofit Entities 18th Edition
http://ebooksecure.com/product/ebook-pdf-accounting-forgovernmental-nonprofit-entities-18th-edition/
Netter Atlas of Human Anatomy-Classic Regional Approach, 8e (Mar 29, 2022)_(0323793738)_(Elsevier) NOT TRUE PDF 8th Edition - eBook PDF
https://ebooksecure.com/download/netter-atlas-of-human-anatomyclassic-regional-approach-8e-mar-29-2022_0323793738_elsevier-nottrue-pdf-ebook-pdf/
InterpretationNo.4,"ReportingonAuditsConductedinAccordanceWithAuditingStandardsGenerallyAcceptedintheUnited StatesofAmericaandtheStandardsofthePCAOB"(AU-Csec. 9700par..14–.21),ofAU-Csection700, ForminganOpinionand ReportingonFinancialStatements
StatementofPosition17-1, PerformingAgreed-UponProcedures RelatedtoRatedExchangeActAsset-BackedSecuritiesThirdPartyDueDiligenceServicesasDefinedbySECReleaseNo.3472936 (AUDsec.60) 3
Usersofthisguideshouldconsiderguidanceissuedsubsequenttothoseitems listedpreviouslytodeterminetheireffectonentitiesandengagementscovered bythisguide.Indeterminingtheapplicabilityofrecentlyissuedguidance,its effectivedateshouldalsobeconsidered.
Thechangesmadetothiseditionoftheguideareidentifiedinappendix F,"ScheduleofChangesMadetotheTextFromthePreviousEdition."The changesdonotincludeallthosethatmightbeconsiderednecessaryiftheguide weresubjectedtoacomprehensivereviewandrevision.
FASBstandardsquotedarefromFASB AccountingStandardsCodification ©2019,FinancialAccountingFoundation.Allrightsreserved.Usedbypermission.
Auditorswhoperformauditsunder GovernmentAuditingStandards;theSingleAuditActAmendmentsof1996;andOfficeofManagementandBudget (OMB)CircularA-133, AuditsofStates,LocalGovernments,andNon-Profit Organizations;orTitle2U.S.CodeofFederalRegulationsPart200, Uniform AdministrativeRequirements,CostPrinciples,andAuditRequirementsforFederalAwards (UniformGuidance),shouldalsorefertotheAICPAAuditGuide GovernmentAuditingStandards andSingleAudits.
FASBASCPendingContent PresentationofPendingContentinFASBASC AmendmentstoFASBASC(issuedintheformofASUs)areinitiallyincorporatedintoFASBASCin"pendingcontent"boxesfollowingtheparagraphs beingamendedwithlinkstothetransitioninformation.Thependingcontent boxesaremeanttoprovideuserswithinformationabouthowtheguidancein aparagraphwillchangeasaresultofthenewguidance.
Pendingcontentappliestodifferententitiesatdifferenttimesduetovarying fiscalyear-ends,andbecausecertainguidancemaybeeffectiveondifferent datesforpublicandnonpublicentities.Assuch,FASBmaintainsamended guidanceinpendingcontentboxeswithinFASBASCuntiltheroll-offdate. Generally,theroll-offdateissixmonthsfollowingthelatestfiscalyearendfor whichtheoriginalguidancebeingamendedcouldstillbeapplied.
PresentationofFASBASCPendingContentinAICPAGuides AmendedFASBASCguidancethatisincludedinpendingcontentboxesin FASBASConMarch1,2019,isreferencedas"PendingContent"inthisguide. Readersshouldbeawarethat"PendingContent"referencedinthisguidewill
3
eventuallybesubjectedtoFASB'sroll-offprocessandnolongerbelabeledas "PendingContent"inFASBASC(asdiscussedinthepreviousparagraph).
TermsUsedtoDefineProfessionalRequirements inThisAICPAGuide Anyrequirementsdescribedinthisguidearenormallyreferencedtotheapplicablestandardsorregulationsfromwhichtheyarederived.Generally,the termsusedinthisguidedescribingtheprofessionalrequirementsofthereferencedstandardsetter(forexample,theASB)arethesameasthoseusedinthe applicablestandardsorregulations(forexample, must or should).However, wheretheaccountingrequirementsarederivedfromFASBASC,thisguide uses should,whereasFASBuses shall.Initsresourcedocument,"Aboutthe Codification,"thataccompaniesFASBASC,FASBstatesthatitconsidersthe terms should and shall tobecomparabletermsandtorepresentthesameconcept—therequirementtoapplyastandard.
Readersshouldrefertotheapplicablestandardsandregulationsformoreinformationontherequirementsimposedbytheuseofthevarioustermsused todefineprofessionalrequirementsinthecontextofthestandardsandregulationsinwhichtheyappear.
Certainexceptionsapplytothesegeneralrules,particularlyinthosecircumstanceswheretheguidedescribesprevailingandpreferredindustrypractices fortheapplicationofastandardorregulation.Inthesecircumstances,theapplicableseniorcommitteeresponsibleforreviewingtheguide'scontentbelieves theguidancecontainedhereinisappropriateforthecircumstances.
ApplicabilityofGAASandPCAOBStandards Auditsofthefinancialstatementsofthoseentitiesnotsubjecttotheoversight authorityofthePCAOB(thatis,thoseauditreportsnotwithinthePCAOB's jurisdictionasdefinedbytheSarbanes-OxleyActof2002,asamended—hereinafterreferredtoas nonissuers) 4 aretobeconductedinaccordancewithGAAS asissuedbytheASB.TheASBdevelopsandissuesstandardsintheformof SASsthroughadueprocessthatincludesdeliberationinmeetingsopentothe public,publicexposureofproposedSASs,andaformalvote.SASsandtheir relatedinterpretationsarecodifiedinAICPA ProfessionalStandards.Inciting GAASandtherelatedinterpretations,referencesgenerallyusesectionnumberswithinthecodificationofcurrentlyeffectiveSASsandnottheoriginal statementnumber,asappropriate.
Inraresituations,anauditormaybeengagedtoalsofollowPCAOBauditingstandardsintheauditofanNFP.Thisguidedoesnotprovideinformation aboutauditsconductedinaccordancewithPCAOBstandards.Whentheaudit isnotunderthejurisdictionofthePCAOBbuttheentitydesires,orisrequired byanagency,byaregulator,orbycontractualagreement,toobtainanaudit conductedunderPCAOBstandards,theAICPACodeofProfessionalConduct requirestheauditortoalsoconducttheauditinaccordancewithGAAS.Paragraph.44andparagraphs.A43–.A47ofAU-Csection700,clarifytheformatof theauditor'sreportthatshouldbeissuedwhentheauditorconductsanaudit
4 Seethedefinitionoftheterm nonissuer intheAU-CGlossary.
inaccordancewiththestandardsofthePCAOB,buttheauditisnotunderthe jurisdictionofthePCAOB.InterpretationNo.4ofAU-Csection700provides guidanceonhowanauditorwouldevaluatethecircumstancesoftheengagementandpossiblymodifythePCAOBformofthereporttocomplywithAU-C section700.
ApplicabilityofQualityControlStandards QCsection10, AFirm'sSystemofQualityControl, 5 addressesaCPAfirm's responsibilitiesforitssystemofqualitycontrolforitsaccountingandauditingpractice.Asystemofqualitycontrolconsistsofpoliciesthatafirmestablishesandmaintainstoprovideitwithreasonableassurancethatthefirmand itspersonnelcomplywithprofessionalstandards,aswellasapplicablelegal andregulatoryrequirements.Thepoliciesalsoprovidethefirmwithreasonableassurancethatreportsissuedbythefirmareappropriateinthecircumstances.
QCsection10appliestoallCPAfirmswithrespecttoengagementsintheir accountingandauditingpractice.Inparagraph.06ofQCsection10,anaccountingandauditingpracticeisdefinedas"apracticethatperformsengagementscoveredbythissection,whichareaudit,attestation,compilation,review,andanyotherservicesforwhichstandardshavebeenpromulgatedby theASBortheAICPAAccountingandReviewServicesCommittee(ARSC)underthe"GeneralStandardsRule"(ETsec.1.300.001)orthe"ComplianceWith StandardsRule"(ETsec.1.310.001)oftheAICPACodeofProfessionalConduct.Althoughstandardsforotherengagementsmaybepromulgatedbyother AICPAtechnicalcommittees,engagementsperformedinaccordancewiththose standardsarenotencompassedinthedefinitionofanaccountingandauditing practice."
InadditiontotheprovisionsofQCsection10,readersshouldbeawareofother sectionswithinAICPA ProfessionalStandards thataddressqualitycontrolconsiderations,includingthefollowingprovisionsthataddressengagementlevel qualitycontrolmattersforvarioustypesofengagementsthatanaccounting andauditingpracticemightperform:
AU-Csection220, QualityControlforanEngagementConducted inAccordanceWithGenerallyAcceptedAuditingStandards
AT-Csection105, ConceptsCommontoAllAttestationEngagements 6
AR-Csection60, GeneralPrinciplesforEngagementsPerformed inAccordanceWithStatementsonStandardsforAccountingand ReviewServices 7
Becauseoftheimportanceofengagementquality,thisguideincludesappendix E,"OverviewofStatementsonQualityControlStandards."Thisappendixsummarizeskeyaspectsofthequalitycontrolstandard.Thissummarizationshould bereadinconjunctionwithQCsection10,AU-Csection220,AT-Csection105, andAR-Csection60,asapplicable.
5 AllQCsectionscanbefoundinAICPA ProfessionalStandards
6 AllAT-CsectionscanbefoundinAICPA ProfessionalStandards
7 AllAR-CsectionscanbefoundinAICPA ProfessionalStandards
AICPAWebsite TheAICPAencouragesyoutovisititswebsiteataicpa.organdtheFinancial ReportingCenter(FRC)atwww.aicpa.org/frc.TheFRCsupportsmembersin theexecutionofhigh-qualityfinancialreporting.Whetheryouareafinancial statementprepareroramemberinpublicpractice,thiscenterprovidesexclusivemember-onlyresourcesfortheentirefinancialreportingprocess,and providestimelyandrelevantnews,guidanceandexamplessupportingthefinancialreportingprocess.AnotherimportantfocusoftheFRCiskeepingthose inpublicpracticeuptodateonissuespertainingtopreparation,compilation, review,audit,attestation,orassuranceandadvisoryengagements.CertaincontentontheAICPA'swebsitesreferencedinthisguidemayberestrictedto AICPAmembersonly.
RiskAssessment—AICPAEnhancingAuditQuality AreasofFocus Identifying,assessing,andrespondingtorisksofmaterialmisstatementsare thecoreofeveryaudit.However,thereisevidencethatahighpercentageof auditengagementsdonotreflectproperassessmentofriskorlinkageoftheassessmenttoplannedfurtherauditproceduresinaccordancewithAU-Csection 315, UnderstandingtheEntityandItsEnvironmentandAssessingtheRisksof MaterialMisstatement,andAU-Csection330, PerformingAuditProceduresin ResponsetoAssessedRisksandEvaluatingtheAuditEvidenceObtained.
InconnectionwithitsEnhancingAuditQuality(EAQ)initiative,theAICPA hasdevelopedawebpagededicatedtoriskassessmentresourcesintendedto helpauditorsperformmoreeffectiveriskassessmentandappropriatelylink theriskassessmenttofurtherauditproceduresincompliancewithprofessional standards.Certainresourcesareavailableatnocost,includingariskassessmenttemplate,aninternalinspectionaid,andstafftrainingworkshop.These andothercurrentriskassessmentresourcescanbeaccessedathttps://www .aicpa.org/content/aicpa/eaq/aicpa-risk-assessment-resources.html.
SelectRecentDevelopmentsSignificanttoThisGuide UniformAdministrativeRequirements,CostPrinciples,andAudit RequirementsforFederalAwards InDecember2013,theOMBissuedtheUniformGuidance,whichestablishes uniformcostprinciplesandauditrequirementsforfederalawardstononfederal entitiesandadministrativerequirementsforallfederalgrantsandcooperative agreements.Oncetheadministrativerequirementsandcostprinciplesofthe UniformGuidanceareeffectiveforallfederalawardstononfederalentities,the previousOMBguidanceandrequirementsrelatedtoadministrativerequirementsandcostprincipleswillbesuperseded.(Notethatthecostprinciplesfor hospitalshavenotyetbeenincorporatedintotheUniformGuidance.)
TheChiefFinancialOfficersCouncilwebsite(https://cfo.gov/grants/uniformguidance/)containsanumberofdocumentstohelpnonfederalentitiesimplementtheUniformGuidance.Onesuchdocument, FrequentlyAskedQuestions
(FAQs),providesinformationregardinganumberofareasintheUniformGuidance.TheFAQsareavailableathttps://cfo.gov/grants/grants-resources/. ItisimportantthatauditorsaccessthemostcurrentversionoftheUniform Guidancetoensurethatanytechnicalcorrectionsandotherrevisionsareincluded.Themostup-to-dateversionoftheUniformGuidanceisavailableinthe ElectronicCodeofFederalRegulations(e-CFR)locatedatTitle2—Grantsand Agreements,ChapterII(Parts200–299).AppendixD,"InformationSources,"of thisguideprovideswebsiteaddressesforaccessingthatguidance.TheAICPA AuditGuideGovernmentAuditingStandards andSingleAudits hasbeenfully updatedfortheUniformGuidanceauditrequirements.
FASB’sRevenueRecognition FASBASUNo.2014-09, RevenuefromContractswithCustomers(Topic606), wasissuedbyFASBtoimprovethefinancialreportingofrevenuefromcontractswithcustomersandrelatedcostsandtoalignthereportingwithInternationalFinancialReportingStandards.ASUNo.2014-09providesaframeworkforrevenuerecognitionandsupersedesoramendsseveraloftherevenue recognitionrequirementsinFASBASC605, RevenueRecognition,aswellas guidancewithintheindustry-specifictopics,includingFASBASC958, Not-forProfitEntities.Thestandardsapplytoanyentitythateitherentersintocontractswithcustomerstotransfergoodsorservicesorentersintocontractsfor thetransferofnonfinancialassetsunlessthosecontractsarewithinthescopeof otherstandards(forexample,insuranceorleasecontracts).Asdiscussedlater inthispreface,FASBissuedrelatedASUonrevenuerecognitionofgrantsand contracts,thepurposeofwhichistoprovidestandardsforcharacterizinggrants andsimilarcontractswithresourceprovidersaseitherexchangetransactions orcontributionsandindistinguishingbetweenconditionalcontributionsand unconditionalcontributions.
TheAICPAformed16industrytaskforcestoassistindevelopinganewguide onrevenuerecognitionthatwillprovideinsightsandillustrativeexampleson howtoapplythenewstandards.Revenuerecognitionimplementationissues identifiedbytheNot-for-ProfitEntitiesRevenueRecognitionTaskForcearefinalizedandincludedinchapter12,"RevenuesandReceivablesFromExchange Transactions,"ofthisguide.
Chapter12includesthefollowingchangestohelpreaderspreparefortheeffectivedateoftheamendmentsinASUNo.2014-09:
Limitedguidanceappearswithinchapter12asshadedtext.The distinctpresentationofthiscontentisintendedtoaidthereader inidentifyingthecontentthatwillbedeletedupontheeffective dateoftheamendmentsinASUNo.2014-09,aswellasthetext thatwillreplaceit(theguide's"dualguidance"treatmentofapplicablenewguidance.)
AppendixA,"ImplementationGuidanceforAccountingStandards Update(ASU)No.2014-09, RevenuefromContractswithCustomers(Topic606),"tochapter12ofthisguide,includesexcerpts fromchapter8,"Not-for-ProfitEntities,"oftheAICPAAuditand AccountingGuide RevenueRecognition.Thatguide,developedby theAICPAIndustryRevenueRecognitionTaskForces,Revenue RecognitionWorkingGroup,andAuditingRevenueTaskForce,is intendedtohelpentitiesandauditorsprepareforchangesrelated torevenuerecognition.
Throughouttheremainingguide,theeffectsoftheamendmentsinFASBASU No.2014-09areprovidedingray-shadedtextfollowingtheparagraph.Thedistinctpresentationofthiscontentisintendedtoaidthereaderinidentifyingthe contentthatwillbedeletedupontheeffectivedateoftheamendmentsinASU No.2014-09,aswellasthetextthatwillreplaceit(theguide's"dualguidance" treatmentofapplicablenewguidance).Eachgray-shadedparagraphincludes afootnoteshowingtheeffectivedateoftheASU.
AppendixB,"TheNewRevenueRecognitionStandard:FASBASC606,"ofthis guideprovidesadditionaldiscussionofthenewstandards.Theappendixis preparedforinformationalandreferencepurposesonly.Ithasnotbeenreviewed,approved,disapproved,orotherwiseactedonbyanyseniorcommittee oftheAICPAanddoesnotrepresentofficialpositionsorpronouncementsofthe AICPA.
FASB’sRecognitionandMeasurementofFinancialAssetsand FinancialLiabilities FASBASUNo.2016-01, FinancialInstruments—Overall(Subtopic825-10): RecognitionandMeasurementofFinancialAssetsandFinancialLiabilities, wasissuedbyFASBinJanuary2016toimprovethefinancialreportingoffinancialassetsandliabilities.ForNFPs,ASUNo.2016-01makesthefollowing changes:
Expandsthescopeofthestandardsforequityinvestmentstoall equitysecuritiesandotherownershipinterestsinanentity,includinginvestmentsinpartnerships,unincorporatedjointventures,andlimitedliabilitycompanies.
AllowsanNFPtochoose,onaninvestment-by-investmentbasis,toreportanequityinvestmentatitscostminusimpairment, ifany,plusorminuschangesresultingfromobservableprice changesinorderlytransactionsfortheidenticalorasimilarinvestmentofthesameissue,providedthattheequityinvestment (a)doesnothaveareadilydeterminablefairvalue,and(b)does notqualifyforthepracticalexpedienttoestimatefairvalueusing netassetvaluepershareoritsequivalent(inaccordancewith FASBASC820-10-35-59).TheASUrequiresadditionaldisclosuresaboutthoseinvestments.
Requirestheimpairmentofequityinvestmentswithoutreadily determinablefairvaluestobeassessedqualitativelyateachreportingperiod.Thatimpairmentassessmentwillbesimilarto thequalitativeassessmentforlong-livedassets,goodwill,and indefinite-livedintangibleassets.Upondeterminingthatimpairmentexists,anentityshouldcalculatethefairvalueofthatinvestmentandrecognizetheimpairmentinchangeinnetassets. Theimpairmentismeasuredastheamountbywhichthecarrying valueexceedsthefairvalueoftheinvestment.
EliminatestherequirementforNFPstodisclosethefairvalueof financialinstrumentsmeasuredatamortizedcost,whichiscurrentlyrequirediftheNFPisapublicentity,ifitisanonpublic entitythathasassetsof$100millionormoreonthedateofthe financialstatements,orifithasderivativeinstruments.
Requiresdisclosureoffinancialassetsandfinancialliabilities bymeasurementcategoryandformoffinancialasset(thatis,
securitiesorloansandreceivables)eitheronthefaceofthestatementoffinancialpositionorintheaccompanyingnotes.
InFebruary2018,FASBissuedASUNo.2018-03, TechnicalCorrectionsand ImprovementstoFinancialInstruments—Overall(Subtopic825-10):RecognitionandMeasurementofFinancialAssetsandFinancialLiabilities,fortechnicalcorrectionsandimprovementsrelatedtoASUNo.2016-01.ASUNo.2018-03 hasthesameeffectivedateasASUNo.2016-01.Allentitiesmayearlyadopt theamendmentsforfiscalyearsbeginningafterDecember15,2017,including interimperiodswithinthosefiscalyears,aslongastheyhaveadoptedASUNo. 2016-01.
Throughouttheguide,theeffectsoftheamendmentsinFASBASUNo.201601andFASBASUNo.2018-03areprovidedingray-shadedtextfollowingthe paragraph,primarilyinchapter3,"FinancialStatements,theReportingEntity, andGeneralFinancialReportingMatters,"andchapter4,"Cash,CashEquivalents,andInvestments."Thedistinctpresentationofthiscontentisintended toaidthereaderinidentifyingthecontentthatwillbedeletedupontheeffectivedateoftheamendmentsinthetwoASUsaswellasthetextthatwill replaceit(theguide's"dualguidance"treatmentofapplicablenewguidance). Eachgray-shadedparagraphincludesafootnoteshowingtheeffectivedateof theASUs.
TheamendmentsinASUNo.2016-01andASUNo.2018-03areeffectiveforfiscalyearsbeginningafterDecember15,2018,andinterimperiodswithinfiscal yearsbeginningafterDecember15,2019,andtheycannotbeadoptedearlier thanforfiscalyearsbeginningafterDecember15,2017.
FASB’sLeases FASBASUNo.2016-02, Leases(Topic842),issuedFebruary2016,changesthe accountingforleases,primarilybytherecognitionofleaseassetsandleaseliabilitiesbylesseesforleasesclassifiedasoperatingleasesundercurrentGAAP. Alesseeshouldrecognizeinthestatementoffinancialpositionaliabilityto makeleasepayments(theleaseliability)andanassetrepresentingitsrightto usetheunderlyingassetfortheleaseterm(theright-of-useasset).Therightof-useassetandtheleaseliabilityareinitiallymeasuredatthepresentvalue oftheleasepayments.
Leaseswillcontinuetobeclassifiedaseitheroperatingorfinanceleases(currentlyreferredtoascapitalleases).However,incontrasttoexistingleasestandards,therearenopercentageteststoapply,andtherecanbemorejudgment exercisedinapplyingthecriteriathatdeterminewhetheraleaseisafinance lease.Asapracticalmatter,mostexistingcapitalleasesarefinanceleases,and mostexistingoperatingleasesremainoperatingleases.Forfinanceleases,a lesseeisrequiredtorecognizeinterestontheleaseliabilityseparatelyfrom amortizationoftheright-of-useasset.Foroperatingleases,alesseeisrequired torecognizeasingleleasecost,calculatedsothatthecostoftheleaseisallocatedovertheleasetermonagenerallystraight-linebasis.
Forleaseswithatermof12monthsorless,alesseeispermittedtomakean accountingpolicyelectionbyclassofunderlyingassetnottorecognizelease assetsandleaseliabilities.Ifalesseemakesthiselection,itshouldrecognize leaseexpenseforsuchleasesgenerallyonastraight-linebasisoverthelease term.
TheaccountingappliedbyalessorislargelyunchangedfromthatappliedunderexistingGAAP.Lessorswillaccountforleasesusinganapproachthatis substantiallyequivalenttoexistingstandardsforsales-typeleases,directfinancingleasesandoperatingleases.Leveragedleaseaccountingiseliminated, exceptforgrandfatheringexistingleveragedleasesduringtransition.
ASUNo.2016-02iseffectiveforfiscalyearsbeginningafterDecember15,2018, includinginterimperiodswithinthosefiscalyears,forNFPsthathaveissued, orareconduitbondobligorsfor,securitiesthataretraded,listed,orquotedon anexchangeoranover-the-countermarket.ForallotherNFPs,theamendmentsinthisASUareeffectiveforfiscalyearsbeginningafterDecember15, 2019,andinterimperiodswithinfiscalyearsbeginningafterDecember15, 2020.Earlyadoptionispermitted.
Subsequently,FASBissuedthefollowingASUstomakenarrowscopeimprovementstoFASBASC842, Leases:
FASBASUNo.2018-01, Leases(Topic842):LandEasementPracticalExpedientforTransitiontoTopic842 (January2018)
FASBASUNo.2018-10, CodificationImprovementstoTopic842, Leases (July2018)
FASBASUNo.2018-11, Leases(Topic842):TargetedImprovements (July2018)
FASBASUNo.2018-20(December2018)
TheguidanceinFASBASC842willappearinafutureedition.AppendixC, "TheNewLeasesStandard:FASBASC842,"ofthisguideprovidesadditional informationaboutFASBASC842.
FASB’sProjectonFinancialStatementsofNFPs OnAugust18,2016,FASBissuedASUNo.2016-14, Not-for-ProfitEntities (Topic958):PresentationofFinancialStatementsofNot-for-ProfitEntities.The newstandardsareeffectiveforannualfinancialstatementsissuedforfiscal yearsbeginningafterDecember15,2017(forexample,yearsendingDecember31,2018andyearsendingJune30,2019).EarlyapplicationoftheamendmentsintheASUispermitted.TheASU,whichisthefirstphaseofatwo-phase project,makessignificantchangesinsevenareas:
Netassetclasses
Liquidityandavailabilityofresources
Classificationanddisclosureofunderwaterendowmentfunds
Expensereporting
Statementofcashflows
Investmentreturn
Releaseofrestrictionsoncapitalassets. ThisguidehasbeenupdatedfortheamendmentsinASUNo.2016-14. Thesecondphaseoftheprojectisexpectedtoaddressthefollowingissues: Whethertorequireameasureofoperations. Whetherandhowtodefineameasureofoperations. Realignmentofcertainitemsinthestatementofcashflowsto betteralignoperatingcashflowswithanoperatingmeasureon thestatementofactivities
Thesethreeissueswillbeconsideredwithinthescopeofaresearchproject aboutstructuringtheperformancestatement(orstatementofactivities)by bothbusinessentitiesandNFPs.Initially,thesecondphasewasalsoexpected toaddresssegmentreportingforNFPhealthcareentitiesinlieuofananalysis ofexpensesbybothnaturalandfunctionalclassification,butFASBdecidedin September2017nottopursuethatalternativefurther.
FASB’sProjectonRevenueRecognitionofGrantsand ContractsbyNFPs InJune2018,FASBissuedASUNo.2018-08, Not-For-ProfitEntities(Topic 958):ClarifyingtheScopeandtheAccountingGuidanceforContributionsReceivedandContributionsMade,toimprovethescopeandtheaccountingguidanceforcontributionsreceivedandcontributionsmadeasitrelatestorevenueandexpenserecognitionofgrantsandcontractsbyNFPs.Throughout theguide,theeffectsoftheamendmentsinFASBASUNo.2018-08areprovidedingray-shadedtextfollowingtheparagraph.Thedistinctpresentationof thiscontentisintendedtoaidthereaderinidentifyingthecontentthatwillbe deletedupontheeffectivedateoftheamendmentsinASUNo.2018-08,aswell asthetextthatwillreplaceit(theguide's"dualguidance"treatmentofapplicablenewguidance).Eachgray-shadedparagraphincludesafootnoteshowing theeffectivedateoftheASU.FASBASUNo.2018-08iseffectiveasfollows:
FortransactionsinwhichanNFPhasissued,orisaconduitbond obligorfor,securitiesthataretraded,listed,orquotedonanexchangeoranover-the-countermarketandservesasaresource recipient,theNFPshouldapplyFASBASUNo.2018-08oncontributionsreceivedtoannualperiodsbeginningafterJune15,2018, includinginterimperiodswithinthoseannualperiods.Allother NFPsshouldapplytheamendmentsfortransactionsinwhichthe entityservesastheresourcerecipienttoannualperiodsbeginningafterDecember15,2018,andinterimperiodswithinannual periodsbeginningafterDecember15,2019.
FortransactionsinwhichanNFPthathasissued,orisaconduitbondobligorfor,securitiesthataretraded,listed,orquoted onanexchangeoranover-the-countermarketandservesasaresourceprovider,theNFPshouldapplyFASBASUNo.2018-08on contributionsmadetoannualperiodsbeginningafterDecember 15,2018,includinginterimperiodswithinthoseannualperiods. AllotherNFPsshouldapplytheamendmentsfortransactionsin whichtheentityservesastheresourceprovidertoannualperiods beginningafterDecember15,2019,andinterimperiodswithin annualperiodsbeginningafterDecember15,2020. Earlyadoptionispermitted.
TABLEOFCONTENTS ProcessingofTransactionsbyServiceOrganizations.......57-.59 UseofAssertionsinAssessmentofRisksofMaterial Misstatement.
RiskAssessmentProcedures..................................65-.88 RiskAssessmentProceduresandRelatedActivities..........67-.69 AnalyticalProcedures......................................70-.72 DiscussionAmongtheAuditTeam..........................73 UnderstandingoftheEntityandItsEnvironment,Including theEntity’sInternalControl..............................74-.88 UsingRiskAssessmenttoDesignFurtherAuditProcedures....89-.111 IdentifyingandAssessingtheRisksofMaterial Misstatement... ........................................90-.92 RisksThatRequireSpecialAuditConsideration............93-.94 DesigningandPerformingFurtherAuditProcedures........95-.110 EvaluatingtheSufficiencyandAppropriatenessof AuditEvidence.........................................111 EvaluationofMisstatementsIdentifiedDuringtheAudit..
CommunicationWithThoseChargedWithGovernance
CompletingtheAudit.
Chapter Paragraph
3FinancialStatements,theReportingEntity,andGeneralFinancial
Chapter Paragraph
5ContributionsReceivedandAgencyTransactions—continued
6Split-InterestAgreementsandBeneficialInterestsinTrusts—continued RecognitionofIrrevocableAgreements
InitialRecognitionandMeasurementofUnconditional IrrevocableAgreementsOtherThanPooledIncome FundsorNetIncomeUnitrusts..........................13-.27
InitialRecognitionandMeasurementofPooledIncome FundsandNetIncomeUnitrusts.........................28 RecognitionandMeasurementDuringtheAgreement’s TermforUnconditionalIrrevocableAgreementsOther ThanPooledIncomeFundsorNetIncomeUnitrusts......29-.40 RecognitionandMeasurementDuringtheAgreement’s TermforPooledIncomeFundsandNetIncome
Chapter Paragraph 11NetAssetsandReclassificationsofNetAssets—continued
DistributionsFromFinanciallyInterrelatedFund-raising FoundationstoSpecifiedBeneficiaries..................129-.131
SupplementB—ExamplesofApplyingtheCriteriaof Purpose,Audience,andContenttoDetermineWhether aProgramorManagementandGeneralActivityHas BeenConducted..........................................140 SupplementC—AllocationMethodsforJointCosts..
SupplementD—ExamplesofDisclosures.
Another Random Scribd Document with Unrelated Content The Project Gutenberg eBook of Tanglewood Tales This ebook is for the use of anyone anywhere in the United States and most other parts of the world at no cost and with almost no restrictions whatsoever. You may copy it, give it away or re-use it under the terms of the Project Gutenberg License included with this ebook or online at www.gutenberg.org. If you are not located in the United States, you will have to check the laws of the country where you are located before using this eBook.
Title: Tanglewood Tales
Author: Nathaniel Hawthorne
Illustrator: Virginia Frances Sterrett
Release date: May 3, 2016 [eBook #51995]
Most recently updated: October 23, 2024
Language: English
Credits: Produced by Madeleine Fournier. Images made available by the Internet Archive *** START OF THE PROJECT GUTENBERG EBOOK TANGLEWOOD TALES ***
Cadmus beheld a female figure, wonderfully beautiful
Tanglewood Tales
