EXPERT GUIDANCE ON HOW TO READ, INTERPRET, AND USE NONPROFIT FINANCIAL STATEMENTS--UPDATED FOR THE NEW FASB STANDARD RELATED TO NONPROFIT FINANCIAL REPORTING (ASU 2016-14)
If you're an executive or volunteer leader at a nonprofit who is unfamiliar with the formats and language of financial statements, this book fills you in on how to read and correctly interpret those critical documents. If you're a seasoned pro who wants to brush up on your skills while familiarizing yourself with the latest FASB nonprofit reporting standards, this is the only guide you need.
The intent behind creating the ASU 2016-14 was to improve the clarity and usefulness of nonprofit financial statements, but making sense of those statements can still be tough going for the uninitiated. Accountants and non-accountants alike who use and prepare nonprofit financial statements need guidance on how to interpret and implement the new FASB standard. Written for both audiences, this book:
* Clearly defines accounting terminology and concepts, while offering numerous examples of financial statements reflecting both the old and new FASB standards
* Steers you, line-by-line, through financial reports, providing explanations of differences between the old and new standards
* Provides numerous illustrations that help you quickly feel at home with the format of nonprofit financial statements
* Offers exercises that help you gain insight into the concepts surrounding nonprofit financial statements and reinforce your command of those concepts
How to Read Nonprofit Financial Statements, Third Edition is an invaluable resource for everyone who reads, interprets, or prepares those all-important documents.
Autorentext
ANDREW S. LANG, CPA, Potomac, MD, is President of LangCPA Consulting.
WILLIAM D. EISIG, CPA, McLean, VA, is Atlantic Managing Partner BDO USA, LLP and Executive Director of the BDO Institute for Nonprofit ExcellenceSM.
LEE KLUMPP, CPA, CGMA, McLean, VA, is the National Nonprofit & Education Industry Group Audit and Accounting Technical Director at BDO USA, LLP.
TAMMY RICCIARDELLA, CPA, McLean, VA, is a Director at BDO Institute for Nonprofit ExcellenceSM.
Inhalt
Preface vii
Learning Objectives ix
Introduction xi
Chapter 1 Why You Need to Understand the Update to the Nonprofit Reporting Model 1
Chapter 2 Why Update the Nonprofit Reporting Model? 3
Chapter 3 Highlights of the Major Changes to the Nonprofit Reporting Model 5
Chapter 4 What Is the Purpose of Financial Statements? 11
Chapter 5 Types of Financial Statements 13
Chapter 6 How to Read a Nonprofit Financial Statement 15
Chapter 7 Statement of Financial Position 17
Chapter 8 Statement of Activities 19
Chapter 9 Statement of Cash Flows 23
Chapter 10 Statement of Functional Expenses 25
Chapter 11 Footnotes to Financial Statements 27
Chapter 12 Internal versus External (Audited) Financial Statements 29
Chapter 13 The Independent Auditor's Report 31
Chapter 14 Other Types of Auditor Opinions 35
Chapter 15 Supplemental Information 37
Chapter 16 Reserves 39
Chapter 17 Financial Statement Exercises 43
Chapter 18 Example Set 1 45
Chapter 19 Example Set 2 101
Chapter 20 Example Set 3 157
Chapter 21 Financial Analysis 223
Chapter 22 Benchmarking 227
Chapter 23 Increasing Complexity in Nonprofit Financial Reporting 231
Chapter 24 Nonprofits Subject to Government Auditing Standards and a Single Audit under the Uniform Guidance 235
Glossary Prior to Effective Date of ASU 2016-14 241
Glossary Amendments Made upon Adoption of ASU 2016-14 247
About the Authors 251
Index 255