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More About This Title Audit Risk Alert: Not-for-Profit Entities Industry Developments-2018
English
New standards for financial statement presentation and revenue recognition have created many not-for-profit financial reporting changes. Combine those with today's technology-centered environment and the ever-present scrutiny of exempt organizations by the IRS and watchdog and rating agencies, and accountants, auditors, and financial managers may wonder how they'll ever tackle all the associated risks.
This alert takes discusses the important developments affecting not-for-profit entities in 2018, and the issues auditors may face. It's jam-packed with targeted discussions of current economic, accounting, and auditing issues affecting nonprofits, as well as changes on the horizon. Topics range from business environment issues like cybersecurity to accounting and auditing challenges like implementation of FASB's new financial statement standard (ASU No. 2016-14) and valuation of gifts-in-kind. This alert also covers legislative and regulatory issues like UBIT, debt-financed property rules, and tax reform provisions of interest to exempt organizations, as well as the new auditing standard on auditor involvement with exempt offering documents.Among other topics, this alert focuses on risks related to recent nonprofit industry trends, financial statement presentation changes, revenue recognition, and fair value issues. A discussion of tax reform provisions affecting exempt organizations is also included as well as information on emerging issues such as:
- Revenue recognition for grants and contracts
- Phase 2 of FASB's not-for-profit financial statement presentation project
- Changes to the auditor's report
- Cybersecurity
- Blockchain and other transformative technology
Awareness of key trends affecting the nonprofit environment informs audit planning, risk management, strategic planning, and oversight, thereby promoting greater success and sustainability of not-for-profit entities.
English
Founded in 1887, the American Institute of Certified Public Accountants (AICPA) represents the CPA and accounting profession nationally and globally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the accounting profession’s technical and ethical standards.
The AICPA's founding established accountancy as a profession distinguished by rigorous educational requirements, high professional standards, a strict code of professional ethics, a licensing status and a commitment to serving the public interest.
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Not-for-Profit Entities Industry Developments—2018 .01-.471
How This Alert Helps You .01-.03
Economic and Industry Developments .04-.64
The Current Economy .04-.09
The State of NFPs .10-.64
Legislative and Regulatory Developments .65-.121
IRS Exempt Organization Function .65-.69
IRS Issue Snapshots .70-.71
Department of the Treasury and the IRS Issue Priority Guidance Plan for 2017–2018 .72-.74
Listing of Published Guidance—2017 .75
Unrelated Business Taxable Income Issues .76-.86
Functional Expenses .87-.88
Discrepancies between FASB ASU No. 2016-14 and Form .990 .89-.97
Tax Cuts and Jobs Act .98-.103
Matters Affecting Higher Education .104-.106
Matters Affecting Religious Organizations .107-.113
Impact of Rising Minimum Wage Law on NFPs .114-.116
General Data Protection Regulation .117-.121
Audit and Attestation Issues and Developments .122-.188
Audit Risks for NFPs .122-.123
New Auditing Standard on Going Concern .124-.129
New Auditing Standard on Auditor Involvement with Exempt Offering Documents .130-.143
Recent Changes to SOC 1 Service Auditor Reports .144-.149
Auditing Functional Expense Classifications .150-.156
Confirmations .157-.162
Auditing Funds Held at Nonfinancial Institutions .163-.171
Challenges in Auditing GIK .172-.181
Transformative Technology on the Horizon .182-.188
Accounting Issues and Developments .189-.353
Revenue from Contracts with Customers .189-.219
Accounting Standards Updates Effective in 2017 .220-.305
The Net Asset Value Practical Expedient and Readily Determinable Fair Value .306-.311
Clarification of Key Terms in the Definition of Public Business Entity .312-.330
Expiration of the Perkins Loan Program.331-.335
Leases .336-.353
Not-for-Profit Entities Industry Developments—2018—continued Recent Pronouncements .354-.357
Recent Auditing and Attestation Pronouncements and Related Guidance .355
Recent ASUs .356
Recently Issued Technical Questions and Answers .357
Recent AICPA Independence and Ethics Developments .358-.399
Proposed Interpretations Responding to Non-Compliance with Laws and Regulations .358-.370
Conceptual Framework Implementation Tools and Resources .371-.372
Definition of a Client 373
New Independence Interpretation—Hosting Services .374-.380
Knowing Misrepresentations in the Preparation and Presentation of Information .381-.389
Pressure to Breach the Rules .390-.399
AICPA NFP Initiatives .400-.410
Not-for-Profit Member Section .401-.406
Not-for-Profit Certificate Program .407-.410
On the Horizon .411-.448
Auditing Pipeline .413-.439
Accounting Pipeline .440-.448
Resource Central .449-.470
Publications 450
Continuing Professional Education .451-.454
Webcasts .455-.456
Member Service Center .457
Hotlines .458-.459
AICPA Online Professional Library: Accounting and Auditing Literature .460
Industry Conference .461-.462
AICPA Government Audit Quality Center .463-.466
AICPA Industry Expert Panel—Not-for-Profit Entities .467
AICPA.org Not-for-Profit Interest Area .468
Industry Websites .469-.470
Appendix—Additional Internet Resources .471
