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Audit Risk Alert: Not-for-Profit Entities Industry Developments, 2019

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Audit Risk Alert: Not-for-Profit Entities Industry Developments, 2019

AICPA

ISBN: 978-1-948-30693-5 May 2019 80 Pages

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Description

Not-for-profit auditor have a lot to consider as they navigate the pace of change in today's complex business environment. Many finance professionals serving the nonprofit sector are challenged with implementation of significant new accounting standards under U.S. GAAP, such as revenue recognition and accounting for not-for-profit grants and contracts.

Created for nonprofit finance and accounting staff, auditors, and board members alike, this alert features the most important developments affecting not-for-profit entities and the key issues auditors may face.

This guide covers all the changes on the horizon, including business environment issues like:

  • Cybersecurity and outsourcing
  • Accounting and auditing challenges (e.g., the implementation of FASB's not-for-profit financial statement presentation)
  • Revenue recognition
  • Leases standards
Delivered in an easily digestible format, this alert also covers legislative and regulatory issues such as unrelated business income tax, the "parking tax," and changes to IRS Form 990-T, as well as a discussion of the upcoming changes to the auditor's report.

Not-for-Profit Entities Industry Developments — 2019 01-351

How This Alert Helps You 01-03

Economic and Industry Developments 04-57

The Current Economy 04-11

The State of NFPs 12-57

Legislative and Regulatory Developments 58-85

IRS Issue Snapshots 58

UBTI "Siloing" 59

The "Parking Tax" 60-65

Limited Relief for Organizations Subject to the Parking Tax 66-67

Excise Tax on Excess Compensation 68

Changes to Form 990-T 69

Form 990-T, Schedule M 70

Generally Accepted Accounting Principles Versus Form 990 Accounting 71-72

Sales Tax After the Wayfair Decision 73-74

Matters Affecting Higher Education 75-81

Matters Affecting Religious Organizations 82-85

Audit and Attestation Issues and Developments 86-140

Audit Risks for NFPs 86-88

Changes to the Auditor’s Report 89-104

Data Analytics in Audits 105-111

Auditing Cryptocurrency Donations 112-117

Auditing Alternative Investments 118-121

Bonds Disguised as Loans 122

Fraud Trends at NFPs 123-134

New Yellow Book Independence Rules 135-140

Accounting Issues and Developments 141-280

Accounting Standards Updates 141-273

FASB Versus GASB for NFPs 274-280

Recent Pronouncements 281-283

Recent ASUs 282

Recently Issued Technical Questions and Answers 283

Recent AICPA Independence and Ethics Developments 284-291

AICPA Conceptual Framework Toolkits 284-285

New and Revised Interpretations 286-291

NFP Initiatives 292-305

Not-for-Profit Member Section 293-298

Not-for-Profit Certificate Programs 299-305

On the Horizon 306-328

Auditing Pipeline 308-324

Accounting Pipeline 325-328

Resource Central 329-350

Publications 330

Continuing Professional Education 331-334

Webcasts 335-336

Member Service Center 337

Hotlines 338-339

Online Professional Library: Accounting and Auditing Literature 340

Industry Conference 341-342

Governmental Audit Quality Center 343-346

Industry Expert Panel — Not-for-Profit Entities 347

AICPA.org Not-for-Profit Interest Area 348

Industry Websites 349-350

Appendix — Additional Internet Resources 351