Not-for-Profit Entities 2020 Strengthening Audit Integrity Safeguarding Financial Reporting Industry Developments

by Unknown

• ISBN13: 9781950688432
• ISBN10: 1950688437
• Edition: 1st
• Format: Paperback
• Copyright: 2020-07-15
• Publisher: Wiley

Summary

This Not-for-Profit Industry Development Audit Risk Alert shows changes on the horizon as well as current business environment issues and accounting and auditing challenges such as:

• Cybersecurity and outsourcing
• Implementation of FASB's revenue recognition standards
• Changes to the auditor’s report
• Preparation for FASB’s leases and other accounting standards updates

Delivered in an easily digestible format, this alert also covers legislative and regulatory issues like the unrelated business income tax and changes to IRS Form 990-T as well as a discussion of the Department of Labor’s overtime rule.

Author Biography

The American Institute of CPAs (AICPA) is the world's largest member association representing the CPA profession, with more than 429,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA examination, offers specialized credentials, builds the pipeline of future talent and drives professional competency development to advance the vitality, relevance and quality of the procession.

Table of Contents

Not-for-Profit Entities Industry Developments — 2020 .01-.383

How This Alert Helps You .01-.03

Economic and Industry Developments .04-.84

The Current Economy .04-.11

The State of NFPs .12-.84

Legislative and Regulatory Developments .85-.120

Repeal of the "Parking Tax" and the IRS’s Refund Procedures .85-.89

Changes to IRS Form 990-T .90

Congress Mandates Electronic Filing of Form 990 Series Returns .91-.95

IRS Examining Abusive Syndicated Conservation Easement Transactions .96-.98

Deductibility of Charitable Contributions That Generate State Income Tax Credits .99

Department of Labor’s Overtime Rule .100-.110

Matters Affecting Higher Education .111-.118

Matters Affecting Religious Organizations .119-.120

Audit and Attestation Issues and Developments .121-.203

Audit Risks for NFPs .121-.203

Accounting Issues and Developments .204-.320

Clarification of the Accounting for Grants and Similar Contracts .204-.255

Revenue From Contracts With Customers: Disclosure Requirements .256-.266

Estimation Risk in Liquidity and Availability Disclosures .267-.273

FASB Implements New Approach to Effective Dates .274-.275

FASB Delays Certain Effective Dates for Credit Losses, Hedging, Leases, and Long-Duration Insurance Standards .276-.284

FASB’s Leases Update .285-.294

FASB Staff Q&A on Credit Losses Implementation .295-.296

Consolidation of Related Entities .297-.314

FASB’s Reference Rate Reform .315-.320

Recent Pronouncements .321-.324

Recent ASUs .322

Recent Auditing and Attestation Pronouncements and Related Guidance .323

Recently Issued Technical Questions and Answers .324

Recent AICPA Independence and Ethics Developments .325-.327

AICPA Professional Ethics Division: State and Local Government Client Affiliates .325-.327

On the Horizon .328-.346

Auditing Pipeline .330-.340

Accounting Pipeline .341-.345

Independence and Ethics Pipeline .346

NFP Initiatives .347-.360

Not-for-Profit Member Section .348-.353

Not-for-Profit Certificate Programs .354-.360

Resource Central .361-.382

Publications .362

CPE .363-.366

Webcasts .367-.368

Member Service Center .369

Hotlines .370-.371

Online Professional Library: Accounting and Auditing Literature .372

Industry Conference .373-.374

Governmental Audit Quality Center .375-.378

Industry Expert Panel — Not-for-Profit Entities .379

AICPA.org Not-for-Profit Interest Area .380

Industry Websites .381-.382

Appendix — Additional Internet Resources .383