Wiley Not-for-Profit GAAP 2012 : Interpretation and Application of Generally Accepted Accounting Principles

by Larkin, Richard F.; Ditommaso, Marie

• ISBN13: 9780470924020
• ISBN10: 0470924020
• Format: Paperback
• Copyright: 2012-02-07
• Publisher: Wiley

Summary

The most practical, authoritative guide to not-for-profit GAAP Wiley Not-for-Profit GAAP 2012 is a comprehensive, easy-to-use guide to the accounting and financial reporting principles used by not-for-profit organizations. Written with the needs of the financial statement preparer, user, and attestor in mind, this guide provides a complete review of the authoritative accounting literature that impacts all types of not-for-profit organizations. At the same time, Wiley Not-for-Profit GAAP 2012 features many examples and illustrations that will assist professionals in applying authoritative literature to real-life situations. Easy-to-use information that enables users to find needed information quickly Coverage of accounting principles specifically related to not-for-profit organizations, as well as accounting principles applicable to all types of organizations Specific coverage of accounting issues for different types of not-for-profit organizations A disclosure checklist that helps financial statement preparers and attestors ensure that all disclosures required by GAAP have been considered Flowcharts, diagrams, and charts, wherever possible, to help facilitate the user's understanding of the material presented Destined to become the reference you keep at your side, Wiley Not-for-Profit GAAP 2012 strives to be a thorough, reliable reference that nonprofit accounting professionals will use constantly.

Author Biography

Richard F. Larkin, CPA (Bethesda, MD) is technical director of not-for-profit accounting and auditing for Long Group, Chartered, in Bethesda, Maryland. He is a certified public accountant with over 35 years of experience serving not-for-profit organizations. He teaches, speaks, and writes extensively on not-for-profit industry matters.

Marie DiTommaso, CPA, (Woodcliff Lake, NJ) is a partner in her own CPA practice, DiTommaso & Ruppel, CPAs. She has over 20 years of experience in accounting and financial reporting in both the not-for-profit and commercial accounting environments.

Table of Contents

Preface	p. vii
About the Authors	p. ix
Not-for-Profit Accounting Literature	p. xi
Overview of Not-for-Profit Organizations
Overview of Not-for-Profit Organizations	p. 3
Cash versus Accrual Basis Accounting	p. 9
Basic Financial Statements
Statement of Financial Position	p. 21
Statement of Activities	p. 27
Statement of Cash Flows	p. 37
Other Financial Statement Issues	p. 51
Specific Not-for-Profit Accounting Topics
Fund Accounting	p. 73
Net Assets	p. 85
Contributions, Pledges, and Noncash Contributions	p. 93
Checklist	p. 120
Checklist	p. 122
Checklist	p. 124
Checklist	p. 126
Checklist	p. 128
Checklist	p. 131
Checklist	p. 135
Investments	p. 137
Affiliated Organizations	p. 159
Checklist	p. 180
Split-Interest Agreements	p. 183
Fund-Raising and Joint Costs	p. 195
Checklist	p. 207
Functional Reporting	p. 209
Collections	p. 215
Other Accounting-Related Not-for-Profit Topics
Accounting for Specific Types of Not-for-Profits	p. 221
Associations and Professional Societies	p. 222
Churches	p. 224
Clubs	p. 225
Libraries	p. 227
Museums	p. 227
Performing Arts Organizations	p. 228
Private Foundations	p. 230
Religious Organizations other than Churches	p. 232
Research and Scientific Organizations	p. 233
Private Elementary and Secondary Schools	p. -234
Public Broadcasting Systems	p. 235
Importance of Budgets to a Not-for-Profit	p. 237
Principal Federal and State Tax Reporting and Regulatory Requirements	p. 257
General Accounting Topics Applied to Not-for-Profit Organizations
Current Assets and Current Liabilities	p. 315
Inventory	p. 323
Long-Lived Assets, Depreciation, and Impairment	p. 333
Intangible Assets	p. 347
Contingencies	p. 355
Mergers and Acquisitions	p. 369
Accounting for Pensions and Postretirement Benefits	p. 387
Long-Term Liabilities	p. 427
Accounting Changes	p. 445
Accounting for Leases	p. 453
Financial Instruments	p. 489
Capitalization of Interest Costs	p. 503
Appendix: Disclosure Checklist	p. 509
Index	p. 539
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