Not-for-Profit Entities - Best Practices in Presentation and Disclosure + Audit & Accounting Guide

This guide is also available in a print edition.

In collaboration with Mimeo, this guide is available via print-on-demand. You’ll be passed onto the Mimeo website to complete your transaction. If you have questions about the Mimeo website or your order, email help@marketplace.mimeo.com or call (901) 566-8900.

To purchase the online subscription of this guide, go here.

A straightforward picture of GAAP compliance for NFPs.

This valuable resource provides financial statement presentation and disclosure examples illustrating U.S. GAAP compliance for the topics most frequently encountered by preparers of financial statements for NFPs by drawing from the audited financial statements of an assortment of not-for-profit entities (NFPs).

Intended for use as a tool to help you create and verify the format and accuracy of your company's or clients' financial statements, this resource walks you through the most common presentations used by other nonprofits NFPs for challenges such as noncash gifts, donor-imposed restrictions, and functional expenses.

The 2023 edition illustrates the most important, immediate, and challenging disclosures, including:

• Net asset classes and donor-imposed restrictions
• Investments, derivatives, endowments, and UPMIFA
• Liquidity and availability of resources
• Liabilities, including split-interest agreements and pension plans
• Contributions and revenue recognition, including grants, contracts, gifts in kind, interests in trusts, and other receivables
• Analysis of expenses by function and nature
• Fair value measurements and use of estimates
• Income taxes and uncertain tax positions for tax-exempt entities
• Measure of operations and joint costs

Who Will Benefit

Small-to medium-sized firms and not-for-profit entities

Key Topics

• With this resource in your toolkit, you'll save yourself the hours of research required to find out how other NFPs have reported certain elements in their financial statements. We've collected and compiled this comprehensive tool to offer you:
• Real-world examples of audited NFP financial statements
• Illustrative disclosures that follow the latest FASB accounting standards effective for NFPs
• Sample presentations that show variations in practice when permissible under GAAP

This guide is also available in a print edition.

In collaboration with Mimeo, this publication is now available as a print-on-demand, black-and-white version of the ebook. You’ll be passed onto the Mimeo website to complete your transaction. If you have questions about the Mimeo website or your order, email help@marketplace.mimeo.com or call (901) 566-8900.

To purchase the online subscription of this guide, go here.

The practical guidance you need.

Whether you’re already an expert in not-for-profit (NFP) audit and accounting standards or just getting started, this guide has the practical guidance you need for nongovernmental NFP entities. The intuitive format of this guide is based on common errors and questions, making it an essential reference that will assist you with the distinctive aspects of accounting, financial statement preparation, and auditing for NFP entities.

Recent updates

This edition of the guide includes recent updates for:

• SAS No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
• SAS No. 146, Quality Management for an Engagement Conducted in Accordance With Generally Accepted Auditing Standards
• FASB ASU No. 2023-08, Intangibles — Goodwill and Other — Crypto Assets (Subtopic 350-60), Accounting for and Disclosure of Crypto Assets
• FASB ASU No. 2025-05, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets

Key Topics

• NFP audit planning, risk assessment, reports, and other audit considerations
• Financial statements, the reporting entity, and general financial reporting matters
• Contributions received and agency transactions
• Split-interest agreements and beneficial interests in trusts
• Programmatic investments
• Revenues and receivables from exchange transactions
• Tax and regulatory considerations
• Fund accounting

Who Will Benefit

• Preparers of not-for-profit financial statements
• Auditors of not-for-profit financial statements
• Users of not-for-profit financial statements