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Wiley Not-for-Profit GAAP 2015: Interpretation and Application of Generally Accepted Accounting Principles

Wiley Not-for-Profit GAAP 2015: Interpretation and Application of Generally Accepted Accounting Principles

Richard F. Larkin, Marie DiTommaso, Warren Ruppel

ISBN: 978-1-118-94521-6

Jan 2015

600 pages



Detailed, practical coverage of GAAP, tailored to not-for-profit organizations

Wiley Not-for-Profit GAAP 2015 is a thorough examination of the authoritative standards for measurement, presentation, and disclosure as applied to not-for-profit organizations. Clear and concise, this user-friendly guide explains the fundamentals of GAAP in an easily-accessible format that includes flowcharts and diagrams to help facilitate the reader's understanding of the material presented, including a financial statement disclosure checklist to confirm GAAP adherence. Designed specifically for accountants in public practice and industry, this guide covers all relevant FASB and AICPA guidelines, to provide a complete reference tool for auditors who need a comprehensive understanding of GAAP for not-for-profit organizations.

Due to these organizations' unique characteristics, not-for-profit accountants must adhere to specific Generally Accepted Accounting Principles. These requirements are complex and ever evolving, but Wiley Not-for-Profit GAAP 2015 brings them together in a single volume that contains the most up-to-the-minute information available.

  • Refine basic financial statements, including Financial Position, Activities, and Cash Flow
  • Tackle not-for-profit-specific issues like fundraising, noncash contributions, affiliations, and pledges
  • Tailor accounting methods to the specific type of organization, with budgeting, tax reporting, and regulatory advice
  • Discover how general accounting topics like assets, mergers, and liabilities are applied to not-for-profit organizations

Preparers and auditors of not-for-profit accounts must stay up-to-date on the latest GAAP practices to best serve the organization, while complying with all disclosure, reporting, and regulatory requirements. Wiley Not-for-Profit GAAP 2015 provides extensive coverage and practical advice on the latest GAAP, tailored to the not-for-profit organization's unique needs.

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 41

Chapter 6 Other Financial Statement Issues 55

Part 3 Specific Not-for-Profit Accounting Topics 75

Chapter 7 Fund Accounting 77

Chapter 8 Net Assets 91

Chapter 9 Contributions, Pledges, Noncash Contributions, and Exchange Transactions 101

Chapter 10 Investments 151

Chapter 11 Affiliated Organizations 175

Chapter 12 Split-Interest Agreements 199

Chapter 13 Fundraising and Joint Costs 211

Chapter 14 Functional Reporting 227

Chapter 15 Collections 233

Part 4 Other Accounting-Related Not-for-Profit Topics 237

Chapter 16 Accounting for Specific Types of Not-for-Profits 239

Chapter 17 Importance of Budgets to a Not-for-Profit 255

Chapter 18 Principal Federal and State Tax Reporting and Regulatory Requirements 275

Part 5 General Accounting Topics Applied to Not-for-Profit Organizations 337

Chapter 19 Current Assets and Current Liabilities 339

Chapter 20 Inventory 349

Chapter 21 Long-Lived Assets, Depreciation, and Impairment 359

Chapter 22 Intangible Assets 373

Chapter 23 Contingencies 381

Chapter 24 Mergers and Acquisitions 397

Chapter 25 Accounting for Pensions and Postretirement Benefits 413

Chapter 26 Long-Term Liabilities 455

Chapter 27 Accounting Changes 475

Chapter 28 Accounting for Leases 483

Chapter 29 Financial Instruments 523

Chapter 30 Capitalization of Interest Costs 537

Appendix: Disclosure Checklist 543

Index 573