Wiley Not-for-Profit GAAP 2020 Interpretation and Application of Generally Accepted Accounting Principles

Ensure that your not-for-profit accounting is airtight for 2020

Not-for profit organizations have unique characteristics, so they must adhere to a specific set of generally accepted accounting principles (GAAP). Wiley Not-For-Profit GAAP 2020 provides practical guidance on how to identify and apply the relevant standards. This guide is indispensable for professionals responsible for preparing and auditing not-for-profit accounts. You will learn how to interpret the relevant accounting principles and how to apply them, all while minimizing unnecessary effort and eliminating potentially costly errors.

This comprehensive yet concise text thoroughly examines the latest standards for measurement, presentation, and disclosure related to not-for-profits. It covers the Financial Accounting Standards Board (FASB) Accounting Standards Codification, all relevant Accounting Standards Updates, and other guidance that applies to not-for-profit organizations, particularly that of the American Institute of Certified Public Accountants (AICPA). With this unrivalled reference tool, your not-for-profit GAAP questions are answered.

• Easily understand the latest not-for-profit GAAP with visual aids, including flowcharts, diagrams, and illustrations
• Navigate complex requirements and ensure completeness of GAAP disclosures
• Stay current with all not-for-profit accounting pronouncements, including FASB, AICPA, and more
• Enjoy practical, user-friendly guidance on applying the relevant accounting standards in your not-for-profit organization

With Wiley Not-For-Profit GAAP 2020, you can be assured you have the most current, comprehensive accounting information that applies to nonprofit organizations. Stay in compliance and ensure timely, accurate reporting with this authoritative volume.

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.

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 39

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 97

Chapter 10 Investments 143

Chapter 11 Affiliated Organizations 163

Chapter 12 Split-Interest Agreements 185

Chapter 13 Fundraising and Joint Costs 195

Chapter 14 Functional Reporting 209

Chapter 15 Collections 215

Part 4 Other Accounting-Related Not-for-Profit Topics 219

Chapter 16 Accounting for Specific Types of Not-for-Profits 221

Chapter 17 Importance of Budgets to a Not-for-Profit 235

Chapter 18 Principal Federal and State Tax Reporting and Regulatory Requirements 253

Part 5 General Accounting Topics Applied to Not-for-Profit Organizations 315

Chapter 19 Current Assets and Current Liabilities 317

Chapter 20 Inventory 325

Chapter 21 Long-Lived Assets, Depreciation, and Impairment 333

Chapter 22 Intangible Assets 345

Chapter 23 Contingencies 355

Chapter 24 Mergers and Acquisitions 371

Chapter 25 Accounting for Pensions and Postretirement Benefits 385

Chapter 26 Long-Term Liabilities 423

Chapter 27 Accounting Changes 441

Chapter 28 Accounting for Leases 447

Chapter 29 Financial Instruments 485

Chapter 30 Capitalization of Interest Costs 497

Appendix: Disclosure Checklist 503

Index 533

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