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More About This Title Wiley Not-for-Profit GAAP 2015 - Interpretationand Application of Generally Accepted AccountingPrinciples
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Wiley Not-for-Profit GAAP 2015 is a thorough examination of the authoritative standards for measurement, presentation, and disclosure as applied to not-for-profit organizations. Clear and concise, this user-friendly guide explains the fundamentals of GAAP in an easily-accessible format that includes flowcharts and diagrams to help facilitate the reader's understanding of the material presented, including a financial statement disclosure checklist to confirm GAAP adherence. Designed specifically for accountants in public practice and industry, this guide covers all relevant FASB and AICPA guidelines, to provide a complete reference tool for auditors who need a comprehensive understanding of GAAP for not-for-profit organizations.
Due to these organizations' unique characteristics, not-for-profit accountants must adhere to specific Generally Accepted Accounting Principles. These requirements are complex and ever evolving, but Wiley Not-for-Profit GAAP 2015 brings them together in a single volume that contains the most up-to-the-minute information available.
- Refine basic financial statements, including Financial Position, Activities, and Cash Flow
- Tackle not-for-profit-specific issues like fundraising, noncash contributions, affiliations, and pledges
- Tailor accounting methods to the specific type of organization, with budgeting, tax reporting, and regulatory advice
- Discover how general accounting topics like assets, mergers, and liabilities are applied to not-for-profit organizations
Preparers and auditors of not-for-profit accounts must stay up-to-date on the latest GAAP practices to best serve the organization, while complying with all disclosure, reporting, and regulatory requirements. Wiley Not-for-Profit GAAP 2015 provides extensive coverage and practical advice on the latest GAAP, tailored to the not-for-profit organization's unique needs.
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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
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About the Authors ix
Not-for-Profit Accounting Literature xi
Part 1 Overview of Not-for-Profit Organizations 1
Chapter 1 Overview of Not-for-Profit Organizations 3
Chapter 2 Cash versus Accrual Basis Accounting 11
Part 2 Basic Financial Statements 21
Chapter 3 Statement of Financial Position 23
Chapter 4 Statement of Activities 31
Chapter 5 Statement of Cash Flows 41
Chapter 6 Other Financial Statement Issues 55
Part 3 Specific Not-for-Profit Accounting Topics 75
Chapter 7 Fund Accounting 77
Chapter 8 Net Assets 91
Chapter 9 Contributions, Pledges, Noncash Contributions, and Exchange Transactions 101
Chapter 10 Investments 151
Chapter 11 Affiliated Organizations 175
Chapter 12 Split-Interest Agreements 199
Chapter 13 Fundraising and Joint Costs 211
Chapter 14 Functional Reporting 227
Chapter 15 Collections 233
Part 4 Other Accounting-Related Not-for-Profit Topics 237
Chapter 16 Accounting for Specific Types of Not-for-Profits 239
Chapter 17 Importance of Budgets to a Not-for-Profit 255
Chapter 18 Principal Federal and State Tax Reporting and Regulatory Requirements 275
Part 5 General Accounting Topics Applied to Not-for-Profit Organizations 337
Chapter 19 Current Assets and Current Liabilities 339
Chapter 20 Inventory 349
Chapter 21 Long-Lived Assets, Depreciation, and Impairment 359
Chapter 22 Intangible Assets 373
Chapter 23 Contingencies 381
Chapter 24 Mergers and Acquisitions 397
Chapter 25 Accounting for Pensions and Postretirement Benefits 413
Chapter 26 Long-Term Liabilities 455
Chapter 27 Accounting Changes 475
Chapter 28 Accounting for Leases 483
Chapter 29 Financial Instruments 523
Chapter 30 Capitalization of Interest Costs 537
Appendix: Disclosure Checklist 543
Index 573
