Last month, the American Institute of Certified Public Accountants (AICPA) released the long-awaited comprehensive audit and accounting guide for not-for-profit entities.
The guide, which had not been updated since 1996, includes many important changes resulting from the new clarity standards and addresses current hot topics that impact not-for-profit entities today. The guide provides accounting, auditing and reporting authoritative guidance with plain-English explanations and examples. While the guide does not change any existing accounting or auditing standards, it provides clarification on implementation of the standards for not-for-profit entities.
MHM Messenger 9-13 highlights some of the guide’s changes and enhancements regarding these topics:
- Reporting gifts-in-kind
- Fair value of contributions receivable
- Programmatic investments
- Relationships with other entities
- Municipal bond debt
- Legal and regulatory environment
- Auditing procedures
For more information
If you have any questions or need further guidance on how the changes in the guide may affect your organization, contact Mayer Hoffman McCann’s National Not-for-Profit Practice Group or your MHM professional.