- A
- Accelerated depreciation methods, 342
- Accounting
- bash basis accounting, 230
- changes, 510
- comprehensive bases, 11
- equity method, 162
- estimates, changes, 70, 448, 451
- policies, 509
- principles, changes, 71, 447, 448–451
- disclosure requirements, 450–451
- justification, 450
- reporting, 450
- requirements, 448–449
- rules, 163
- treatment, 111
- Accounting changes, 72, 447
- perspective/issues, 447–452
- Accounting Changes and Error Corrections, 384
- Accounting principles, misapplication,
- Accounting Standards Codification (ASC),
- 210-10 Accounting Research Bulletin 43, 25
- 230, 44, 50
- 250, 448–449
- 270, 70, 71
- 310, 386
- 320, 161
- 330, 332–333
- 350, 351–352
- 360, 344, 354
- 410, 347
- 420, 441–442
- 450, 359, 362, 444
- 460, 360, 365
- 470, 329–330
- 712, 415
- 715, 405–415, 421
- disclosure requirements, 406–408
- 740, 280, 367–368
- 820, 114, 493, 537–538
- 835, 503
- 840, 386
- 855 Subsequent Events, 14–15, 75
- 860, 477–478
- 954, 351, 378, 492
- 958, 33, 150, 157, 174, 324, 376–379
- 2016-02, 455–456
- Master Glossary, usage, 74, 75
- Accounting Standards Update (ASU)
- 310-30, 156–157
- 825, 160
- 2009-12 Fair Value Measurements and Disclosures, 155
- 2010-6, disclosure requirements, 114–115
- 2010-07 Not-for-Profit Entities, 375
- 2010-9 Subsequent Events, 75
- 2010-11 Derivatives and Hedging, 493–494
- 2010-17 Revenue Recognition, 123
- disclosure requirements, 123
- requirements, 123
- 2010-28 Intangibles—Goodwill and Other, 356–357
- 2011-04, 115, 153
- 2011-8, 357
- 2011-9 Compensation, 418
- 2011-11 Balance Sheet, 27–28, 328
- 2012-02 Intangibles—Goodwill and Other, 355
- 2012-05 Statement of Cash Flows, 53
- 2013-01 Balance Sheet, 28
- 2013-03 Financial Instruments, 499
- 2013-04 Liabilities, 363
- liability arrangements, 364
- 2013-06 Not-for-Profit Entities, 112–113
- 2013-10 Derivatives and Hedging, 494
- 2013-12 Definition of a Public Business Entity,
- 2014-09 Revenue from Contracts with Customers, 123–124
- revenue recognition requirements, summary, 129–132
- 2014-15 Presentation of Financial Statements, 371–372
- 2014-17 Business Combinations, 383–384
- 2015-02 Consolidation, 175
- 2015-5 Intangibles—Goodwill and Other, 353
- 2015-07 Fair Value Measurement, 156
- 2015-11 Inventory, 337
- 2015-14 Compensation—Retirement Benefits, 398
- 2015-16, 509
- 2016-14 Not-for-Profit Entities, , 26, 33, 44, 94, 99, 157, 323
- 2017-01 Not-for-Profit Entities, 175
- 2017-07, requirement, 399
- 2018-08 Clarifying the Scope and the Accounting Guidance for Contributions Received, 127, 238
- 2018-15 Intangibles-Goodwill and Other Internal Use Software, 354–355
- 2018-20, 457
- 2019-01, 457
- implementation matters, 456–457
- Accrual-basis accounting
- cash accounting, basis, 11
- concepts/rules/examples, 11–17
- legal requirements, 18–19
- perspective/issues, 11
- Accrual basis, advantages, 15–16
- Accrual-basis reporting, usage (timing), 18
- Accrual-basis statements, 13
- Accrual statements, cash accounting statements (combination), 16–17
- Accrued interest income, 13
- Accrued pension cost, 393
- Accumulated benefit obligation, 393
- Accumulated depreciation, 467
- Accumulated postretirement benefit obligation (APBO), 393, 410
- settlement/equivalence, 410–411
- unfunded APBO, 412
- Acquirers, identification, 378–379
- Acquiring organization
- disclosure, 385–386
- qualitative/quantitative factors consideration, 381
- Acquisition
- accounting, 378–382
- achievement, stages, 387
- consideration transferred, 382
- date
- determination, 379
- reporting period, 388
- disclosures, 384, 385–389
- measurement period, 383
- mergers and acquisitions (M&As), 375–389
- presentation, 383
- push down accounting, 383–384
- Acquisition-date fair value, 386
- Actuarial gains/losses, 416
- Actuarial present value (APV), 393, 412
- Advertising, impact, 109
- Advertising income, 279
- Affiliated organizations, 169
- concepts/rules/examples, 170–180
- entities, reporting, 172
- perspective/issues, 169
- related-party disclosures, 172–173
- reporting organization, combination, 188–189
- support, 217
- Agency funds, 84
- Agency transactions, 180
- Agent, definition, 182
- Allocation methods, 204
- Alternative investments, 159–160
- American Institute of Certified Public Accountants (AICPA)
- Audit & Accounting Guide
- Not-for-Profit Entities, 93
- Not-for-Profit Organizations, 149
- Auditing Issues Task Force, 14
- Clarified Auditing Standards, 14
- Guide, guidance, 109
- Issues Papers,
- Technical Information Service Inquiries and Replies,
- Amortization, 393
- Annual accounting period, integration, 69
- Annual budget
- allocation, 246–247
- preparation, 246
- Annual information return, 270, 281
- Annuity contract, 393–394, 400
- Annuity funds, 84
- APBO. See Accumulated postretirement benefit obligation
- Appropriation accounting, usage, 229
- APV. See Actuarial present value
- ARB 43, 335
- Arm's-length transaction, 366
- ASC. See Accounting Standards Codification
- Asset-holding affiliate, 170
- Assets
- acquisition, 376
- financing, 453–454
- recognition/measurement, 379–381
- acquisition, gifts/grants (usage), 507
- assets held for sale, 381
- categories, disclosure, 422
- construction, 503
- contributed long-lived assets, 340–341
- cost, 340
- determination, accounting topics, 380
- disclosures, aggregation, 386
- disposal, 346, 349–350
- enhancements/diminishments, 94
- expropriation, 362
- funds, confusion, 80
- GAAP disclosure requirements, 152
- group, acquisition, 376
- impairment, determination, 354
- increases/decreases, 95
- leased asset, amortization, 465
- long-lived assets, gifts, 54
- market value, decrease, 344
- offsetting, 27–28, 327–328
- ownership, transfer, 467e–468e
- recoverability, 344–346
- retirement obligations, 347–349, 350
- transfer, 186–187, 382
- usage, contractual limitations, 26
- use, change, 344
- valuation, 232–233
- Associations
- accounting, 228–229
- sections/groups, reporting, 228–229
- Audit committees, concern,
- Audit guides/statement of position, 121
- Auditing Issues Task Force (AICPA), 14
- Available to be issued, ASC Master Glossary, 75
- Average cost, 332
- B
- Balance sheet
- reporting, 87e–88e
- sample, 89e–90e
- Bank debt, 366
- Bargain purchase option (BPO), 457, 464, 478, 484–485
- Bargain purchases, 103
- Bargain renewal option, 458, 464
- Basis levels, 267
- Basis, usage (narrative description), 417, 422
- Beneficiary accounting, 184–186
- Beneficiary organization
- adjustment, segregation, 184–185
- information, 121–122
- investment, adjustment, 184
- Benefit obligations
- measurement date, 406
- reconciliation/balances, 416
- Benefits
- accumulation, 400
- full eligibility, 395
- plan
- disclosure requirement, 406–407
- funded status, recognition, 405
- Bid-and-asked quotations, SEC availability, 150
- Board-designated endowment, 93
- Board-designated funds, 80, 83
- Board-designated investment fund, creation, 82
- Board of directors, action, 81–82, 254
- Board of trustees, information request, 69
- Bona fide pledge, assessment (factors), 139–141
- Bookkeeping staff
- adequacy, 230
- cash basis accounting usage, 14
- Books, value (recording), 232
- BPO. See Bargain purchase option
- Budgeting, usage,
- Budgets
- comparison, importance, 250
- deviations, narrative report, 253–254
- elements, 242
- function, 241–242
- variable budget, 251, 253
- Building Funds, 82
- Building lease, accounting, 483–485
- Business combinations, 408, 416, 421
- contingent consideration payments, 45
- inventory values, 338
- lease accounting, 476
- Business Management for Independent Schools, 239
- Business, term (meaning), 277–278
- Business volume, concentrations, 370
- C
- Callable obligations, 329
- Capital Additions, 115
- Capital campaign, 25
- Capitalization
- asset cost, 340
- opposition, 233
- Capitalized collections, recording, 221
- Capitalized interest cost, accounting, 505e–506e
- Capital leases, 464
- accounting, 465e–466e, 467e–468e
- interest, relationship, 504
- Capital shares, initiation fees, 231
- Capital-type funds, 84
- Career-average-pay formula, 394
- Carrying amount, 364
- Cash
- balances,
- definition, 47–48
- offsetting, 327
- usage, donor restriction, 25
- value, increases, 50
- Cash accounting
- accrual-basis accounting, contrast, 11
- concepts/rules/examples, 11–17
- perspective/issues, 11
- statements, accrual statements (combination), 16–17
- Cash basis
- accounting, 14
- advantages, 13–15
- modified cash basis, 17–18
- Cash basis accounting, 230
- Cash-basis statements, 15
- Cash equivalents
- definition, 47–48
- investments, contrast, 52
- purchasing/selling, cash receipts/payments, 51
- Cash flows, 425–427, 531–532
- classifications, 48e
- discontinued operations, reporting, 50
- financing activities source, 53
- hedges, 497–498
- separation, 46
- statement
- direct method, usage, 54e–55
- indirect method, usage, 55e–56e
- Charitable contributions, deductibility, 273e
- Charitable gift annuity, 197
- Charitable lead annuity trust, 195
- Charitable lead trust, 195
- unrelated third party, 195e–196e
- Charitable lead unitrusts, 195
- Charitable organizations, 263–265
- annual information returns, 281
- initial registration, 280–281
- registration/reporting, 280–281
- return inspection, 281
- separation, 229
- Charitable remainder annuity trust (CRAT), 197
- Charitable remainder trust, 196–197
- Charitable remainder unitrust (CRUT), 197
- Charities
- concerns, 271–273
- contribution
- acknowledgments, 271
- disclosures, 271
- excise tax considerations, 272
- solicitation disclosures, 271–373
- Checkbook, substitute, 14
- Churches, 230
- City fees, adjustment, 16
- Claims-made insurance policies, 362
- Clarified Auditing Standards (AICPA), 14
- Class financial statements, complication, 61–62, 66–68
- Classification of Certain Cash Receipts and Payments, 45
- Clubs, 230–232
- capital shares/initiation fees, 231
- fixed asset accounting, 231
- unrelated business income, 232
- Collateralized mortgage obligation (CMO), inclusion, 150
- Collections, 221, 380, 526
- ASC Master Glossary definition, 221
- asset valuation, 232–233
- capitalization, 221
- concepts/rules/examples, 222–223
- disclosure requirements, 223–224
- items, capitalization, 222–223
- perspective/issues, 221–222
- Colleges, investments (GAAP guidance), 159
- Columnar statement of financial position, 63e
- Columnar statement of income, expenses, changes, 64e
- Commitments, 512–513
- Common parent, affiliates, 171
- Common related-party transactions, examples, 173
- Common stock, long-term investments (earnings), 51
- Community foundations, 237
- Comparative financial information, 59–60
- concepts/rules/examples, 60
- disclosure requirements, 60
- perspective/issues, 59
- Comprehensive income, presentation (avoidance), 405
- Conditional asset retirement obligation, ASC Master Glossary definition, 347–348
- Conditional promises, 380
- Conduit bond obligor, 75
- Conduit debt
- obligation, 75–76
- obligors, 76
- Consideration transferred, 382
- Consolidated for-profit subsidiaries, minority interest, 51
- Consolidations, guidance, 177–178
- Contingencies, 359, 380–381, 512–513
- concepts/rules/examples, 360–367
- disclosure requirements, 369–373
- gain contingencies, 367
- income taxes, uncertainty (accounting), 367–368
- litigation/claims, 363
- loss contingencies, 360–366
- perspective/issues, 359–360
- Contingent consideration
- arrangements, 386
- payments, 45
- Contingent items, 72–73
- Contingent rentals, 458
- Contingent rents, 365
- Contra adjustments, 406
- Contracts
- payments, 365
- performance obligations
- identification, 124–125
- transaction price, allocation, 126
- revenue concentration, 371e
- revenue, recording (timing), 238
- termination costs, 443
- Contractual employer contribution rate, change, 421
- Contributed facilities, 233
- Contributed inventory, cost of sales (functional category), 218
- Contributed long-lived assets, 340–341
- Contribution revenue, 340
- Contributions, 52, 101, 529–530
- accounting standards, 122
- acknowledgments, 271
- concepts/rules/examples, 102–129
- disclosures, 271
- donor-imposed permanent restrictions, 95
- donor restriction, 50
- fair value measurement, 193
- GAAP provisions, 102
- perspective/issues, 101–102
- receiving,
- restricted contributions, 53
- unrestricted contributions, 102–105
- Contributor concentration, 371e
- Contributory plan, 394, 412
- Control
- ASC Master Glossary definition, 176
- economic interest, 177
- temporary exception, 177–178
- Control transfer, indicators, 126
- Co-obligors, payment, 363
- Corporate-owned life insurance policies, settlement (proceeds), 46
- Corridor, 402
- Cost flow assumptions, 334
- Cost method investments, 167
- Cost of sales, functional category, 218
- Cost-reimbursable contracts, 72
- Cost-reimbursement, prepayment (contrast), 107–108
- Costs. See Contracts
- expensing, 72
- incurring, 70
- other costs/expenses, 71–72
- Creditors, statement of cash flows assistance, 43–44
- Credit risk, concentration, 498
- CRUT. See Charitable remainder unitrust
- Cumulative earnings approach, 46
- Currency (cash definition), 47
- Currency swaps, 327–328
- Current assets, 323–325
- concepts/rules/examples, 324–330
- disclosure requirements, 330
- perspective/issues, 323–324
- Current fund, 82
- Current general fund, 82
- Current interest rates, usage, 412
- Current lease receivable, reporting, 485–486
- Current liabilities, 323, 326
- concepts/rules/examples, 324–330
- disclosure requirements, 330
- perspective/issues, 323–324
- Current restricted contributions, 105–108
- accounting, 106–107
- investment securities, 108
- prepayment, cost-reimbursement (contrast), 107–108
- projects, grants, 107
- Current restricted fund, 83
- Current restricted income, report, 106e
- Current unrestricted fund, 82
- Curtailment, 394, 409–410
- Custodian funds, 84
- Customers
- contract, identification, 124
- contractual rights, 353
- payable, 125
- quantity discounts, 72
- D
- Debt
- covenants,
- debt-related disclosures, 528–529
- extinguishment, 476–477
- host contract, 199
- embedded equity-based derivative (relationship), 199
- interest, 504
- issuance, 25
- long-term debt, 53
- prepayment/extinguishment costs, 45
- securities, 150
- short-term debts, 53
- unrealized gains/losses, 151
- Debtors, interim financial reports, 69
- Declining balance, 342
- Deferred charges, amortization, 50
- Deferred compensation contracts, 415
- Deferred income taxes, 51
- Deferred revenue, 51
- Defined benefit pension plans, 392, 394, 417
- Defined contribution pension plans, 392, 394
- Defined contribution plans, 423
- Demand deposits (cash definition), 47
- Depletable (tangible asset category), 339
- Depreciable (tangible asset category), 339
- Depreciable basis, 479
- Depreciation, 51, 70, 339, 524–525
- accelerated methods, 341–342
- accounting, 239
- calculations, changes, 344
- declining balance, 342
- disclosure requirements, 349
- expense, 467
- group (composite) method, 342
- methods, 341–342
- partial-year depreciation, 343
- replacement method, 342
- retirement method, 342
- straight-line method, 341
- sum-of-the-years’ digits, 342
- units-of-production, 342
- Derivative activity, volume (understanding), 495
- Derivative instruments, 491–494
- designation, 495–496
- presence, determination, 198–199
- Derivatives, 533–534
- Deterioration, 335
- Direct costing, 333
- Direct financing, 462–463
- Direct mail, 202
- Direct method
- presentation, 48–49
- usage, 54e–55e
- Disaggregation, level, 114–115
- Disclosure checklist, 509
- Discontinued operations, 72
- Discounts
- amortization, 50
- application, 154–155
- Disposal activities, costs (accounting), 441–444
- Disqualifying Lobbying Expenditures of Certain Organizations, tax, 272
- Distribution approach, nature, 46
- Divestitures, 416, 421
- Dividend income, receipts, 52
- Donated inventories, 337
- Donors
- bona fide pledge, assessment (factors), 139–141
- case statement, 24
- charitable contributions, deductibility, 273e
- donor-restricted endowment funds, 157
- expense recognition rules, GAAP requirements, 121
- explicit stipulation/circumstances, absence, 35–36
- funds, designation, 25
- loss contingencies, noncompliance, 361–362
- mailing lists, maintenance, 202
- relationships, 380
- statement of cash flows assistance, 43
- stipulations, impact, 142–144
- Door-to-door canvassing, 202
- E
- Economic interest, 177
- ASC Master Glossary definition, 176
- Effective date, 456–457
- Effective tax rate, estimate, 72
- Election dates, 500–501
- Embedded derivative instruments, usage, 198–199
- Embedded equity-based derivative, debt host contract (relationship), 199
- Employee benefits, 381
- Employee compensation, liability, 330
- Employees, number (change), 421
- Employer
- best estimate, 417
- identification number, usage, 283
- plans, usage, 421
- Endowment funds
- disclosure requirements, 98
- reporting, 96–97
- Endowments
- board-designated endowment, 93
- gains, 66
- gifts, 115–122
- restricted income, 67
- Entities, 518–519
- benefits, 397–398
- control transfer, 126
- earnings, proportionate share, 162
- going concern, continuation, 372
- governing body, self-perpetuation, 379
- government entities, financial assistance, 361
- liability recognition, GAAP specification, 348
- ownership, 169
- public business entity/NFP, role, 129
- qualitative disclosures, 494
- reporting, 172
- reporting entity, definition, 172
- Equity investments, unrealized gains/losses, 151
- Equity method, 167
- application, 163–165
- calculations, 165e
- changes, 164
- guidance, 177–178
- investees, distributions received, 46
- Equity securities, 150–151
- impairment indicators, 160–161
- long-term obligation, position-date issuance, 329
- reported at cost, impairment, 160–162
- Estimated residual value, 465
- Estimated useful life, depreciation calculations (changes), 344
- Events, nature, 74
- Excess business holdings, 269
- Excess expenditures, 272
- Exchange transactions, 101, 122–124
- Excise tax
- considerations, 272
- establishment, 266
- payment, 265, 266–267
- Executory costs, 458, 464
- Exempt function, jeopardy, 270
- Exempt status, loss, 262
- Exit activities, costs (accounting), 441–444
- Expected defaults, 161
- Expected long-term rate of return, 395, 402
- Expected postretirement benefit obligation (EPBO), 395
- Expected return, 395
- Expendable current support, 102–108
- Expendable funds, 84–85
- Expenditures, prohibition, 270
- Expenses
- adjustment, 16–17
- alternate presentation, 251–252
- analysis, example, 68e
- budget, 247–248
- preparation, worksheet (usage), 249e
- classification, 35–36, 217–218
- functional classification, 215
- gross amounts, information, 36–37
- incurring, 70
- recognition, 70–71
- revenue, association, 70
- SFAC component, 35
- F
- Facilities, usage, 112
- Failure to renew, 464
- Fair market value (FMV), 464–465, 470–472, 482–484
- book value, contrast, 480
- Fair value, 395
- changes, reporting, 501
- disclosures, 498–499
- hedges, 497
- hedging instruments, 495
- measurement, 154, 193, 535–537
- cost approach, 113
- income approach, 113
- levels, transfers, 114
- market approach, 113
- option, 499–501
- premiums/discounts, application, 154–155
- valuation techniques, 113
- Federal excise tax, payment (absence), 13
- Federal reporting requirements, compliance,
- Federal/state reporting requirements
- intermediate sanctions, 261–261
- meeting, importance, 260–262
- Federal/state tax reporting/regulatory requirements, 259
- Federal tax forms, filing, 282–287
- Final-pay formula, 395
- Finance leases, lessee requirement, 454–455
- Financial Accounting Standards Board (FASB),
- Accounting Standards Codification (ASC) (See Accounting Standards Codification)
- Accounting Standards Update (ASU) (See Accounting Standards Update)
- ASC 360-10, 15
- ASC 850-10, 958-810, 15
- ASC 855 Subsequent Events, 14
- ASC 958, 15, 23
- Codification Topic 815 Derivatives and Hedging, 28
- Concepts Statements,
- Not-for-Profit Advisory Committee, 109
- Statement 116, 185
- Statement of Financial Accounting Concepts 6, 91
- Financial capacity, 377
- Financial effect, estimate, 74
- Financial information, comparison, 59
- Financial instruments, 491, 532–533
- concepts/rules/examples, 491–501
- disclosure requirements, 328, 494–498
- fair value measurement, 154
- perspective/issues, 491
- Financial liabilities, 500
- Financially interrelated not-for-profit organizations, 176–177
- Financial problems, anticipation,
- Financial records, keeping,
- Financial reporting, special purpose framework, 11
- Financial statements
- combination, 237
- current restricted income, report, 106e
- disclosure requirements, 146–147
- error, correction, 452
- GAAP requirement, 172
- interim financial statements, 337–338
- issues, 59
- organization selection, 14
- preparation, , 15
- presentation, 37–42, 97, 194, 234
- result, 451
- separate issuance, 179
- Financing
- agreement, 329
- component, existence, 125
- direct financing, 462–463
- Financing activities, 45, 53–54
- cash flows, 53
- examples, 54
- Finished goods inventory accounts, 332
- First-in, first-out (FIFO), 332, 334–335
- Fiscal years
- differences, 164
- discrepancies, 164–165
- Five-year master plan, 255–257
- costs, estimation, 255–256
- example, 257e
- goals, setting, 255
- income plan, 256
- procedures, 255–256
- Fixed assets, 66–67
- accounting, 231, 233
- contributions, 108
- creation/enhancement, 110
- depreciation, 230
- fund, 83–84
- Flat-benefit formula, 395
- FMV. See Fair market value
- Foreign-currency-denominated assets/liabilities, 493
- Form 990 (Return of Organization Exempt from Tax), 281, 282–286
- completion, 285–286
- example, 290e–301e
- Form 990-N (e-Postcard), 261, 286
- Form 990-PF, 282, 286–287
- Form 990, Schedule A (filing), 265
- Form 990-T, 287
- Form 990T, filing, 260
- Form K-1, receiving, 278
- For-profit entities
- investments, 174–176
- not-for-profit investment, 163
- Forward contracts, 327–328
- Fourth quarter adjustments, 73
- Full absorption costing, 332–333
- Full eligibility, 395
- Functional/natural expense classifications, display (matrix), 219e
- Functional reporting, 215, 530–531
- concepts/rules/examples, 216–218
- disclosure requirements, 218–219
- perspective/issues, 215
- Fund accounting, 79
- advantage/disadvantage, 86
- concepts/rules/examples, 81–90
- development, 81
- perspective/issues, 79–80
- Funding policy, 395
- Fundraising
- appeal, 202–207
- campaigns, publicizing/conducting, 202
- contributed items, example, 208e
- disclosure requirements, 211
- expenses, absence (reporting), 210–211
- GAAP requirements, 201
- manuals/instructions/material, preparation/distribution, 202
- materials, 109
- purposes, contributed items (usage), 207–208
- special events, conducting, 202
- Fundraising expenses, 201
- concepts/rules/examples, 202–211
- disclosure requirements, 211
- perspective/issues, 201–202
- Fundraising not-for-profit organization, actions, 104
- Funds, 395
- assets, confusion, 80
- balance, 80
- balance sheet, reporting, 87e–88e
- board-designated funds, 80–81
- categories, 82–84
- current unrestricted fund, 82
- elimination, reporting purposes, 88–90
- financial statements, 85–88
- groupings, alternatives, 84
- income statements, 85e–86e
- information, presentation, 60–68
- organization component, 80
- statement of changes, 67
- types, 84
- Future cash flows
- calculations, 345
- estimates, 345
- Future obligation, fair value (estimate), 347
- G
- Gain contingencies, 367
- Gains, 395, 402
- classification, 35–36
- component (net periodic pension cost), 395–396
- endowment gains, 66
- realized gains/losses, reporting, 151
- recognition, 70
- SFAC component, 35
- General fund, 82
- Generally accepted accounting principles (GAAP), –10
- accrual basis accounting usage, 18
- cash equivalents meaning, 47
- contingency requirements, interpretation, 364–365
- depreciation methods, 341–342
- GAAP for Governments, 80
- guidelines, 70–71
- net asset reporting requirement, 91
- pension accounting, objective, 397
- policies, difference, 11
- provisions, 24
- reporting requirements, 88
- revenue/expense, GAAP guidelines, 70–71
- usage, 44
- Gifts
- accounting standards, 122
- classification, factors, 132–133
- donor stipulation, factors, 142–144
- pass-through gifts, 180–187
- usage, 507
- Gifts-in-kind, 108–115
- Goods
- entity transfer, 126
- purchase, contract distinctions (factors), 134–135
- Goodwill, 355–356
- acquisition, 383
- development, 354
- impairment test, 356
- previously recognized goodwill, 383
- recognition/measurement, 381–382
- zero-negative goodwill, 356–357
- Governance, control powers, 377
- Government entities, financial assistance, 361
- Grantor restrictions, noncompliance, 361–362
- Grants, 107
- awards, recording, 238
- pledges, comparison, 238
- usage, 507
- Gross basis, 103–104
- Gross cash flows, discussion, 51–53
- Gross investment, 470
- Gross receipts, meaning, 284–286
- Group (composite) method, 342
- Guarantees, 364–366, 372–373
- contracts, types, 365
- initial liability, 366
- issuance, 366
- Guarantors, obligations, 366
- H
- Health care
- cost trend rate(s), assumption, 417–418, 423–425
- NFPs, TPA application, 186
- Health Care Organizations (AICPA Audit and Accounting Guide), 186, 501
- Higher and best use, 113
- Implicit interest rate, 458
- Income
- distribution, 267–269
- organization exempt purpose, relationship, 285
- statements, 85e–86e
- Income taxes, 381, 535
- accounting, 164
- provisions, uncertainty, 279–280
- uncertainty, accounting (FASB ASC 740-10), 367–368
- Incremental borrowing rate, 459, 466
- Incremental direct cost, items, 445
- Indemnification assets, 381, 386
- Indirect effects, recognition, 449
- Indirect method, usage, 55e–56e
- Indirect production costs, 333
- Individual funds, statement of changes, 67
- Individual tax deductions, 272–273
- Informational materials, usage, 109
- Initial direct cost, 459
- Initial direct leasing cost, amortization, 469
- Inputs
- disclosures, 115
- hierarchy, 114
- Insurance claims, settlement (proceeds), 46
- Intangible assets, 351, 525–526
- acquisition, 383
- amortization, 50, 352–353
- concepts/rules/examples, 351–357
- disclosure requirements, 358
- internally developed intangible assets, 352
- internally developed intangibles, 353–355
- perspective/issues, 351
- recording, 351–352
- useful life, determination, 352
- Interest
- capitalization
- requirements, 507
- time period, determination, 506
- capital leases, relationship, 504
- cost, 416
- incurring, total amount, 505
- Interest capitalized, amount, 504–505
- Interest cost, capitalization, 503
- concepts/rules/examples, 503–507
- disclosure requirements, 508
- perspective/issues, 503
- Interest cost component (net periodic pension cost), 396
- Interest-free loans, 103
- Interest rate
- implicit interest rate, 458
- swaps, 327–328
- Interest, receipts, 52
- Interfund borrowing, 87
- Interim financial statements, 337–338
- Interim reporting, 68–73
- concepts/rules/examples, 69–73
- disclosure requirements, 73
- perspective/issues, 68–69
- revenue/expense recognition, 70–71
- subsequent events, 74–75
- Interim statements, 248–254
- Intermediary, definition, 181–182
- Intermediate sanctions, 261–262
- Internal financial statements, usage, 82
- Internally developed intangible assets, 352
- Internally developed intangibles, 353–355
- Internal Revenue Code (IRC)
- 403(b), 392
- tax exemption, provision, 262–263
- Internal Revenue Service (IRS), annual information returns, 260
- International Accounting Standards Board (IASB), International Financial Reporting Standards,
- International Financial Reporting Standards (IFRS)
- fair value measurement/disclosure requirements, 154
- standards, 27, 328
- Inventories, 71, 331, 523
- concepts/rules/examples, 332–338
- costs, overheads (exclusion), 333
- disclosure requirements, 338
- donated inventories, 337
- interim financial statements, 337–338
- perspective/issues, 331–332
- valuation, 332
- values, 338
- Investee, investor share, 162
- Investing activities, 44
- Investment income, 53, 158–159
- adjustments, 16
- excise tax, payment, 265, 266–267
- unrestricted investment income, 62
- Investments, 52, 149, 520–523
- alternatives, 159–160
- balances,
- cash equivalents, contrast, 52
- concepts/rules/examples, 150–165
- cost method investments, 167
- disclosure
- considerations, 156
- requirements, 165–167
- exempt function, jeopardy, 270
- expenses, 158
- fair value disclosures, 152–155
- gross investments, 470
- perspective/issues, 149
- policies/strategies, narrative description, 417, 421
- pooling, 158–159
- realized/unrealized gains/losses, 51
- sale, example, 151e
- securities, 108
- Investment, usage (donor restriction), 25
- Irrevocable split-interest agreements, 193–194
- Issued, ASC Master Glossary, 75
- Issuers, financial condition, 161
- J
- Johanna M. Stanneck Foundation, 11
- cash-basis/accrual-basis statements, 12e
- records, keeping, 14
- Joint activities
- audience criterion, 206
- content criterion, 207
- disclosures, 207
- GAAP rules, 203
- incidental activities, 207
- program functions/management, 205–206
- purpose criterion, 205–206
- Joint and several liability, 363–364
- Joint costs, 201
- allocation, 203
- allocation, appropriateness, 212–213
- fundraising appeal, inclusion, 202–207
- Joint venture, formation, 376
- J.W.M. Diabetes Research Institute financial statements
- Land, building, and equipment, 108
- Last-in, first-out (LIFO), 332, 335–337
- Leaseback, classification, 480
- Leased asset, amortization, 465
- Leased property
- economic life, estimation, 458
- fair value, 458
- Leases
- accounting, 463–474, 476–477, 486
- agreements, changes (accounting), 476–477
- capital leases, 464
- classification, 461–462
- components, 455–456
- definition, 455, 459
- disclosures, 511
- effective date, 456–457
- inception, 458, 464
- land/building involvement, 482
- land involvement, 482
- leveraged leases, 462–463, 474
- minimum lease payments, 459–460
- obligations, 485–486
- operating leases, 463–464
- payments, lessee guarantee, 365
- provisions, change, 474
- real estate involvement, 482–485
- recording, 466
- renewal/extension, 474–475
- sales-type leases, contrast, 462–463
- sublease, accounting, 478
- term, 459
- termination, 474
- Legal requirements, 18–19
- Legislation (influence), excess expenditures (usage), 272
- Lessees, 461, 463–468
- accounting, 454–455, 482, 485
- asset ownership, transfer, 467e–468e
- disclosure requirements, 486–487
- lease accounting, 463–474
- Lessors, 461–462
- accounting, 455, 482, 483, 485
- disclosure requirements, 487–489
- net investment, reduction, 463
- Leveraged leases, 462–463, 474
- Liabilities
- amount, 445
- current liabilities, 323–326
- determination, accounting topics, 380
- disclosures, aggregation, 386
- GAAP disclosure requirements, 152
- long-term liabilities, 429
- measurement, 379–381
- noncontingent liability, 366
- offsetting, 27–28, 327–328
- other liabilities, 327
- recognition, 379–381, 442
- Libraries, 232
- Life expectancy, 403–404
- Life income funds, 84
- Life insurance, cash value increases, 50
- Liquidity
- formats, 25
- presentation, 25–27
- restrictions, 156
- Loan guarantees, 103
- Loans, acquisition, 156–157
- Loans receivable, usage, 52
- Lobbying expenses, 276
- Longer-term contracts, revenue recognition (problems), 122–123
- Long-lived assets, 524–525
- concepts/rules/examples, 340–349
- disclosure requirements, 349–350
- GAAP, impact, 339
- gifts, 54
- impaired long-lived assets, disclosure requirements, 349
- impairment, 344
- perspective/issues, 339
- recoverability, test, 345
- Long-term assets
- purchases, 51–52
- sales, 52
- Long-term creditor, financing, 463
- Long-term debt, 53
- Long-term installment sale receivables, 51
- Long-term investments, earnings, 51
- Long-term liabilities, 429
- concepts/rules/examples, 429–441
- perspective/issues, 429
- Long-term obligation, position-date issuance (post-statement), 329
- Long-term pledge, present value (calculation), 454
- Loss contingencies, 360–366
- accounting requirements, 360–361
- disclosure, 360
- donors, noncompliance, 361–362
- general rules, 360–361
- risks/uncertainties, 369
- specificity, 361–366
- Losses, 66, 395, 402
- classification, 35–36
- component (net periodic pension cost), 395–396
- likelihood, 361
- realized gains/losses, reporting, 151
- SFAC component, 35
- Lower of cost or market (LCM), 71, 335–337
- M
- Majority voting interest
- definition, 178
- ownership, 177
- Managed fund groups, 85
- Management reports, usage, 82
- Manufacturer/dealer, 458, 462
- Market-related value (plan assets), 396, 402
- Master plan, 256
- five-year master plan, 255–257
- Material related-party transactions, disclosures, 179–180
- Materials/labor/services, sources (concentrations), 370
- Maturing debt, reclassification, 329
- Measurement date, 396, 412
- Merchandise inventory, acquisition, 331
- Mergers
- accounting, 377–378
- acquisitions, contrast, 376–377
- disclosures, 384–385
- identification, criterion, 376
- Mergers and acquisitions (M&As), 375
- accounting, 376–389
- perspective/issues, 375
- Milestone, achievement, 123
- Minimum investment return, 268
- Minimum lease payments (MLPs), 459–460, 464, 480
- Minimum rental payments, 460, 464
- Minority interest, 51
- MLPs. See Minimum lease payments
- Modified cash basis, not-for-profit organization usage, 17–18
- Monthly budgets, 246–248
- Mortality rate, 396
- Multicolumn format (statement of activities), 39e–40e
- Multiemployer plan
- disclosures, 420
- pension benefits, 419–420
- postretirement benefits, 421
- usage, 423
- Multiemployer plan, participation, 408
- Multipurpose activities, joint cost allocation, 212–213
- Museums, 232–233
- collections, 109
- contributed facilities, 233
- N
- Narrative report, 253–254
- Net assets, 91
- change
- columnar statement of income, expenses, changes, 64e
- elements, 34–35
- classes
- definitions, 99
- reclassifications, 94, 95
- classification report, change, 95–96
- classifications/endowments, ASU 2016-14 changes, 98–100
- concepts/rules/examples, 92–97
- decreases, 344
- disclosure requirements, 98–100
- donor restrictions, absence/presence, 99
- information, presentation, 60–68
- perspective/issues, 91–92
- presentation, 97e
- reporting, GAAP requirements, 91
- total net assets, presentation, 91
- value per share (calculation), investments (impact), 155–156
- Net capital expenditures, approximations, 504
- Net cash flows
- adjustments, 50–51
- discussion, 51–53
- Net investment income
- excise tax, 535
- private foundation excise tax, 367
- Net overfunded positions, 500
- Net pension cost, gain (loss) component, 403
- Net periodic benefit cost
- amount, recognition, 417, 422
- reclassification, 406
- Net periodic pension cost, 393, 396, 398–403
- gain/loss component, 395–396
- interest cost component, 396
- service cost component, 397
- summary, 404–405
- Net realizable value (NRV), 336
- Noncancelable, definition, 460
- Noncash consideration, 125
- Noncash contributions, 101
- Noncash entries, 50
- Noncash investing
- activities, 53–54
- examples, 54
- Noncharitable exempt organizations, 274–277
- social/recreation clubs, 274–276
- title-holding companies, 276–277
- trade associations, 276
- Noncontingent liability, 366
- Noncurrent assets, 326
- Noncurrent lease receivable, reporting, 485–486
- Noncurrent liabilities, 326–327
- Noncurrent obligations, 323
- Nonexpendable additions, usage, 115
- Nonexpendable funds, 84–85
- Non-member receipts, 275
- Nonmonetary transactions, 509
- Nonparticipating annuity contracts, 408
- Nonprofit organization, taxable subsidiary (income tax), 368
- Nonpublic entities
- disclosure, reduction (alternative), 426–427
- disclosure requirements, reduction, 421–425
- full disclosures, 415–418
- Nonrecognized subsequent event, 74
- Nonrecourse financing, 460, 477
- Non-US pension arrangements, 408
- Notes, usage, 52
- Not-for-profit entity
- Not-for-profit organizations (NFPs),
- accounting, 227
- cash flow classifications, 48e
- debt, issuance, 25
- disclosures, 98
- donor contribution, example, 94
- FASB definition,
- financial assets, 26
- financially interrelated not-for-profit organizations, 176–177
- financial statements, users,
- fund accounting, 80
- interest, 174
- interim financial reports, 68–69
- investments (GAAP guidance), 159
- mergers and acquisitions, accounting, 376–389
- profit organizations, differences, –7
- program
- judgment, factors, 145–146
- services, 216
- related parties, 173
- resource use, consideration,
- restricted contributions, receiving, 81
- risk disclosure, 370
- separation, 180
- statement of financial position, presentation, 66
- supporting activities/services, 216–217
- transfers, disclosure requirements, 187
- Not-for-profit organizations (NFPs) budgets
- five-year master plan, 255–257
- functions, 241–242
- importance, 241
- interim statements, 248–254
- monthly/quarterly budgets, 246–248
- perspective/issues, 241
- preparation
- responsibility, 245
- steps, 242–245
- reserves, levels, 243–245
- O
- Observable inputs, 114
- Obsolescence, 335
- Occupancy costs, allocation, 368
- Offsetting adjustment, 449
- One-percentage-point increase, effect, 418
- One-time termination benefits, 442–443
- OPEB. See Other postemployment benefits; Other postretirement employee benefits
- Operating activities, 45
- cash flows, 49e, 50e
- direct method presentation, 48–49
- indirect method presentation, 49
- net cash flows, adjustments, 50–51
- presentation, 48–51
- Operating assets/liabilities, noncash entries, 50
- Operating fund, 82
- Operating leases, 463–464, 469
- Operations, nature, 369
- Options, 327–328
- Organizations
- assets/liabilities, statement of financial position information, 24
- assets, registration, 288–289
- categories, Tax Reform Act of 1969 creation, 263–264
- exempt status, loss, 262
- expected income, 242–243
- expenses, predictability, 244
- formation, categories, 264
- impact, ability, 183
- liquidity management, qualitative information,
- net assets, change, 34
- objectives/goals, list, 242
- operations, information, 37
- revenue/expenses reporting, 201–202
- scenarios, 244
- service efforts, information, 37
- service purchases, determination (factors), 137–138
- services, provision, 112–115
- soliciting funds, registration, 288
- support, 264
- tax exemption, 262–263
- Original lease agreement, ownership transfer, 478
- Other comprehensive income, reporting, 497
- Other costs/expenses, 71–72
- Other postemployment benefits (OPEB) plans, 391, 392–393
- postretirement benefits, 410–411
- Other postretirement employee benefits (OPEB), 410–411
- accounting, 413e–414e
- full disclosures, 423–424
- offering, 415
- Other tangible assets (tangible asset category), 339
- Other-than-temporary impairment assessment, 161
- Overfunded plans, statuses (aggregation), 405
- Overheads
- costs, 285
- exclusion, 333
- unallocated overheads, recognition, 333
- Ownership interests
- absence,
- acquisition, 150
- P
- Parent organization, fundraising affiliate, 170
- Partial-year depreciation, 343, 343e
- Participating annuity
- contracts, 408
- cost, 409
- purchasing, settlement, 409
- Passive income, 368
- Pass-through gifts, 180–187
- Pension Protection Act of 2006, 261
- Pensions
- ASC 715-20, accounting requirements, 405–415
- benefits, multiemployer plans, 419–420
- concepts/rules/examples, 397–405
- considerations, 408
- costs (accounting), accrual basis (GAAP specification), 392
- disclosures, 514–518
- non-US pension arrangements, 408
- obligation settlement, 409
- perspective/issues, 391–393
- terms, definitions, 393–397
- Pensions, accounting, 391
- Performance obligations
- entity satisfaction, 126–129
- identification, 124–125
- Performance-related barrier, inclusion, 128
- Performing arts organizations, 233–234
- costumes/stage scenery, fixed asset recording, 234
- expenses, recognition, 233–234
- ticket revenue, recognition, 234
- Permanently restricted net assets, 92, 95
- Physical units methods, 204
- Plan amendment, 396
- Plan assets, 425, 427
- actual return, 398, 401–402
- expected long-term rate of return, 395
- expected return, 395, 403
- gains/losses, 402
- information, 416–417, 421–422
- market-related value, 396
- measurement date, 406
- Plan assets component, actual return, 393
- Plan continuation, actuarial assumptions, 400
- Plan participants, contributions, 416
- Plant fund, 83
- Pledges, 101, 526–528
- donor stipulation, factors, 142–144
- grants, comparison, 238
- impact,
- income recognition, 121
- promises, 116–121
- Political expenditures, 272
- Pooled (life) income fund, 197–198
- Portfolio, financial instrument fair value (measurement), 154
- Post-date issuance, post-statement, 329
- Postemployment benefits, 392–393
- Postretirement benefits, 396
- accounting, 391, 411–415
- multiemployer plans, 421
- Predominance principle, separation, 46
- Premiums, application, 154–155
- Prepaid pension cost, 396
- Prepayment
- cost-reimbursement, contrast, 107–108
- speeds, 161
- Prior service cost, 396
- Prior years, recognition, 73
- Private companies, GAAP alternatives,
- Private Company Decision-Making Framework,
- Private elementary/secondary schools
- depreciation accounting, 239
- Private foundations, 235–237
- excise tax, 367
- exclusion, 261
- liability, recording (timing), 235–236
- net investment income, excise tax, 535
- provisions, 265
- qualifying distributions, 268
- rationale, 236
- rules/taxes, 265–270
- Private inurement, 262
- Private operating foundations, 270–271
- qualifying tests, 270–271
- Product warranties, 365
- Professional societies
- accounting, 228–229
- sections/groups, reporting, 228–229
- Profit organizations, not-for-profit organizations (differences), –7
- Program activity, 203
- Program functions, audience criterion, 206–207
- Program functions/management/general functions, 205–206
- Program judgment, factors, 145–146
- Prohibited expenditures, 270
- Prohibited transactions, 269–270
- Projected benefit obligation (PBO), 396
- interest cost, 398, 400–401
- pension accounting, comparison, 411
- Projects, grants, 107
- Property
- fair value, 462
- taxes, deferral, 72
- Public broadcasting stations
- fixed assets, 240
- grants received/program underwriting, 239–240
- member dues/pledges, 240
- program production costs, 240
- volunteers, donated services, 240
- Public business entity, 129
- Public entities, 75–76
- consideration,
- definition, 387–388
- FASB definition, 76
- full disclosures, 415–418
- Push down accounting, 383–384
- Q
- Qualifying distributions, 268
- Qualifying tests, 270–271
- Qualitative information, substitution, 15
- Quarterly budgets, 246–248
- R
- Reacquired rights, 381
- Real estate
- involvement, 481–485
- leases, 485
- Realized gains/losses, reporting, 151
- Reasonably certain, threshold, 454
- Receivables, 526–528
- Recipient organization, financial decisions
- beneficiary impact, 185
- impacts, 184–185
- Recipients, federal support reports, 281–282
- Reclassifications, 62, 95–96
- classification, 35–36
- SFAC component, 35
- Recognized subsequent event, 74
- Recourse provisions, 364
- Recreation clubs, 274–276
- exempt cubs, 274
- substantiation requirements, 274–275
- Regular-way security trades, 492
- Regulation Section 1.513-1(d) (unrelated business income), 277–278
- Related party
- ASC Master Glossary definition, 173
- definition, 460–461
- disclosure, 172–173
- leases, 476
- transactions, 509–520
- Relationships, types, 170–171
- Relative direct cost method, 204
- Religious organizations
- accounting, 237
- allocations, 237
- Replacement method, 342
- Reporting
- entity, change, 451–452
- functional basis, 228
- organization, affiliated organization (combination), 188–189
- unit
- fair value, 356
- zero/negative goodwill, 356–357
- Reporting entity, definition, 172
- Research organizations, 237–238
- Reserves, levels, 243–245
- Residual value, 470
- Resource provider
- general public, comparison, 127
- mission, execution, 127
- Resource use, consideration,
- Restaurant income and expenses, 250–251
- Restricted contributions, 53
- Restricted contributions, receiving, 81
- Restricted endowment fund, 83
- Retirement method, 342
- Retroactive amendments, 400
- Retroactive benefits, 396
- Retrospective application, requirements, 448–449
- Return of Organization Exempt from Tax (Form 990), 281
- Return on income (ROI), 368
- Revenue Procedure, consultation, 272
- Revenue recognition, 70–71
- assessment, guidance, 128
- core principle, achievement, 124
- performance obligation, entity satisfaction, 126–129
- problems, 122–123
- requirements, summary, 129–132
- Revenue Ruling, consultation, 272
- Revenues
- classification, 35–36
- concentration, 370e
- expenses, association, 70
- gross amounts, information, 36–37
- SFAC component, 34–35
- Revocable split-interest agreements, 192
- Right of setoff, existence, 27
- Risk, 519
- S
- Sale-leaseback
- real estate involvement, 481–482
- transactions, 478–482
- Sales prices, SEC availability, 150
- Sales-type leases, 468–471
- Salvage value, depreciation calculations (changes), 344
- Schedule A
- example, 302e–309e
- preparation, 286
- Schedule B
- example, 310e–315e
- preparation, 286
- Scientific organizations, 237–238
- Seasonality, 73
- Section 501(c)(3) organizations
- categories, 263–264
- exemption, 265
- political expenditures, 272
- UBIT returns, 261
- Section 509(a)(1) requirements, 265
- Securities
- fair value, 151
- gifts, tax consequences, 267
- Securities and Exchange Commission (SEC)
- filer, 75
- sales prices/bid-and-asked quotations, availability, 150
- Securitization transactions, interests, 46
- Segment disposal, 410
- Self-dealing, 269, 270
- Seller-lessee
- obligation, 481
- viewpoint, 479
- Separate charitable organizations, 229
- Service, 396
- activities, fees,
- concession arrangements, 463
- entity transfer, 126
- purchase, contract distinctions (factors), 134–135
- specialized skills, requirement (factors), 136
- valuation, basis, 110–111
- Service cost, 398, 400, 416
- component (net periodic pension cost), 397
- SFAS. See Statement of Financial Accounting Standards
- Short-term debt, 53
- Short-term obligations, refinancing, 329–330
- Sick leave, 330
- Single-column format (statement of activities), 38e–39e
- Single-employer defined benefit postretirement plan, funded status (recognition), 405–406
- Slippage, 248
- Social clubs, 274–276
- exempt status, 274
- substantiation requirements, 274–275
- Social membership shares, issuance, 54
- Solicitation disclosures, 271–272
- Special events, 202
- reporting, 208–210
- statement of activities, methods, 209e–210e
- Special-purpose entities (SPEs), 178
- Special purpose framework, 11
- Special-purpose lessors, impact, 178
- Specific identification, 332, 333–334
- Split-interest agreements, 191
- concepts/rules/examples, 192–199
- derivative instruments, presence (determination), 198–199
- disclosure requirements, 200
- embedded derivative financial instrument definition, 199
- embedded derivative instruments, inclusion, 198–199
- irrevocable split-interest agreements, 193–194
- perspective/issues, 191–192
- recognition, termination, 194
- revocable split-interest agreements, 192
- term, recognition, 194
- Sponsoring entities/members, powers, 379
- Stand-alone cost allocation method, 204
- State charitable solicitation laws, compliance, 535
- Statement compliance requirements, 287–289
- Statement of activities, 33, 529
- columns, number, 62
- concepts/rules/examples, 34–37
- disclosure of activities, 42
- formats, 38
- multi column format, 38
- perspective/issues, 33
- presentation, 104, 166, 443–444
- single column format, 38
- two separate statements format, 38
- volunteers, contributed services (report), 111e
- Statement of Auditing Standards 62 Special Reports, 14
- Statement of cash flows, 43
- classification, 44–47
- concepts/rules/examples, 44–56
- disclosure requirements, 56–57
- perspective/issues, 43–44
- preparation,
- Topic 230, 45
- Statement of changes, 67
- Statement of Financial Accounting Concepts (SFAC) 6 Elements of Financial Statements, 34–35
- Statement of Financial Accounting Standards (SFAS)
- 5, 366
- 87, application, 396–398, 406, 409–410
- unrecognized amount, amortization, 404
- 106, unrecognized amount, 397
- 116, adoption, 222–224
- 142, 388
- 157, 388
- 164, focus, 379
- Statement of financial position, 23, 520
- classified statement of financial position, 29e–30e
- columnar statement of financial position, 63e
- concepts/rules/examples, 23–30
- disclosure requirements, 30–31
- figures, comparison, 66
- fixed assets, 66–67
- formats, 28
- investments, 13
- NFP presentation, 66
- perspective/issues, 23
- presentation, 166, 406
- report,
- sequenced statement of financial position, 29e
- supplementary statement, 65e
- Statement of income and expenses, 252e
- State reporting requirements, compliance,
- Sublease, accounting, 478
- Subsequent events, 74–75
- ASC Master Glossary definition, 74
- nonrecognized subsequent event, 74
- recognized subsequent event, 74
- Subsidiary, purchase/sale, 52
- Substantiation requirements, 274–275
- Substantive plan, 397
- written plan, contrast, 410
- Sum-of-the-years’ digits, 342
- Supermajority voting requirements, 379
- Supplementary statement, 65e
- Supplies, recording, 108
- Supporting statements, 67–68
- Support/revenue, concentrations, 370
- T
- Tangible assets, categorization, 339
- Taxable expenditures, 269
- Tax advice, necessity, 279
- Tax Cuts and Jobs Act, 260, 277
- Tax-exempt borrowings, interest cost incurred (capitalization), 507
- Tax-exempt debt, refunding, 476–477
- Tax-exempt status, usage, 283–284
- Taxpayer Relief Act of 1997, 261
- Tax Reform Act of 1969, organization categories, 263–264
- Tax Reform Act of 1976, 279
- Technical inquiry, AICPA issuance, 95–96
- Technical Practice Aid (TPA)
- 6140.01, 337
- 6140.08, 208–209
- 6140.12, 183
- 6140.20, 210–211
- 6140.22, 103–104
- AICPA issuance, 184
- application, 186
- Telephone solicitation, 202
- Telethons, 202
- Temporarily restricted net assets, 92, 94–95
- increase, 193
- results, 94
- Temporary equity, 500
- Term endowment, gifts, 115
- Termination benefits, 410, 416
- Third parties
- perpetual trust, 196
- sale/assignment, 477
- Title-holding companies, 276–277
- Title, transfer, 483–485
- Total expected income, comparison, 243
- Total income, inclusion, 284
- Total net assets, presentation, 91
- TPA. See Technical Practice Aid
- Trade associations, 276
- lobbying expenses, 276
- unrelated business income, 276
- Trade shows, 279
- Trade, term (meaning), 277–278
- Transaction price, determination, 125
- Transactions
- Transfer, loans acquisition, 156–157
- Transition obligation, 397, 412
- Treasurer, responsibilities, 14
- Trustee
- definition, 182
- third party role, 195
- U
- UBI. See Unrelated business income
- Unallocated overheads, recognition, 333
- Uncertain tax positions, 368
- Uncertainties, 519
- Uncollected contribution receivable, 13
- Uncollected dividends, 13
- Uncollectible receivables, allowance, 362
- Unconditional irrevocable agreements, initial recognition, 193–194
- Unconditional promise, recording, 184
- Underlyings, 492
- Underwater endowment funds, –10
- Unfunded accumulated benefit obligation, 397
- Unfunded accumulated postretirement benefit obligation, 397
- Unfunded APBO, 412
- Unguaranteed residual value, 461
- Uniform Prudent Management of Institutional Funds Act of 2006 (UPMIFA), 96, 157
- Uninsured risks, 364
- Units-of-production, 342
- Universities, investments (GAAP guidance), 159
- Unobservable inputs, 114
- Unpaid expenses, 13
- Unpaid scholarships, granting, 13
- Unrealized loss position, investments, 166–167
- Unrecognized net assets, amortization, 398
- Unrecognized net gain/loss, 397, 402
- Unrecognized prior service cost, 397
- Unrecognized transition obligation (UTO), 413–414
- Unrelated business income (UBI), 232, 275–280
- advertising income, 279
- definition, 277–279
- dollar amounts, entry, 285
- exclusions, 278–279
- income, exclusion, 368
- tax rates, 279, 367
- trade shows, 279
- Unrelated business income taxes (UBIT), 72
- Unrelated parties, 461
- Unrestricted contributions, 102–105
- accounting, 103
- bargain purchases, 103
- historical practices, 102
- interest-free loans/loan guarantees, 103
- interest revenue, 103
- multicolumn presentation, 104–105
- reporting, gross basis, 103–104
- revenue, 103
- statement of activities, presentation, 104
- Unrestricted fund, 82
- Unrestricted investment income, 62
- Unrestricted net assets, 92–94
- FASB ASC Master Glossary definition, 92
- limits, 98
- usage, limits, 93
- V
- Vacation/sick leave, 330
- Valuation techniques, disclosures, 115
- Variable budget, 251, 253
- Variable considerations, 125
- Variance power, role, 181
- Vendor rebates, 365
- Vested benefits, 400
- Voluntary health/welfare organizations
- GAAP requirement, 216
- investments, GAAP guidance, 159
- reporting requirement, 215
- Volunteers, contributed services, 109–112
- accounting treatment, 111
- fixed assets, creation/enhancement, 110
- recording, criteria, 109–110
- specialized skills, 110
- Voting requirements, effect, 379
- W
- Weighted-average basis, 417
- Work-in-process (WIP), 332
- Written plan, substantive plan (contrast), 410
- Y
- Year-end dates, cost (expensing), 72
- Z
- Zero-coupon debt instruments, settlement, 45
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