Meet your evolving needs with three integrated business lines in one professional services firm.


Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor.

AICPA Nonprofit Guide

The AICPA is looking for comments from preparers, auditors, and users of nonprofit entity financial statements to help develop the final version of the nonprofit audit and accounting guide.

Ready for Comment: The AICPA Nonprofit Audit and Accounting Guide

  • 9/6/2012

Ready for Comment: The AICPA Nonprofit Audit and Accounting Guide

The AICPA’s Financial Reporting Executive Committee (FinREC) recently issued its working draft of the audit and accounting guide for nonprofit entities. The AICPA is now looking for comments from preparers, auditors, and users of nonprofit entity financial statements to help develop the final version of the guide.

This is the first comprehensive re-write of the AICPA Not-for-Profit Audit & Accounting Guide in more than 15 years. Since 1996, the only updates have come through changes in the accounting and auditing standards. This working draft considers areas where diversity in practice exists.

The working draft of the guide includes the following:

  • An expanded section on reporting relationships with other entities
  • New sections on reporting and measuring noncash gifts
  • An expanded section on municipal bond financing
  • A chapter on programmatic investments and microfinance loans
  • New guidance on reporting the expiration of donor restrictions
  • An expanded discussion regarding the legal and regulatory environment

As a member of the task force that rewrote the content, we look forward to hearing your feedback. Send your comments to ccole@aicpa.org by October 15, 2012.


Cathy Clarke, National Assurance Partner
cathy.clarke@cliftonlarsonallen.com or 612-376-4535