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Nonprofit Insight

A new Audit and Accounting Guide, Not-for-Profit Entities is set to be released for comment in late summer 2012. The new guide focuses on uniform reporting practices and is intended to be easier to understand.

New Audit and Accounting Guide for Nonprofit Entities

  • 4/17/2012

New Audit and Accounting Guide for Nonprofit Entities

A new Audit and Accounting Guide, Not-for-Profit Entities is set to be released for comment in late summer 2012. The new guide focuses on uniform reporting practices and is intended to be easier to understand.

The update includes:

  • Guidance and examples for reporting relationships with nonprofit and for-profit corporations, limited liability partnerships, general partnerships, and financially interrelated entities.
  • New sections on reporting and measuring noncash gifts, including gifts in kind; contributions of fundraising materials, informational materials, advertising, and media time or space; below-market interest rate loans; and bargain purchases.
  • A new chapter on program-related investments and microfinance loans.
  • A greatly expanded section about municipal bond debt, including IRS considerations, third-party credit enhancements, capitalization of interest, extinguishments and debt modifications, and the effects of terms (such as subjective acceleration clauses) on the classification of debt.
  • New guidance for reporting the expiration of donor-imposed restrictions.
  • A thorough discussion of the legal and regulatory environment in which nonprofit entities operate.
  • Suggestions for procedures an auditor might consider to supplement standard risk assessments.

The new guide is a joint effort of the Financial Reporting Executive Committee (FinREC), the Not-for-Profit Entities Expert Panel, and the Not-for-Profit Guide Task Force of the American Institute of CPAs (AICPA).

The current version of the Audit and Accounting Guide, Not-for-Profit Entities, published in March 2011, is available from the AICPA Store.

Contact us to learn more about audit and accounting issues for nonprofits.