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Nonprofit Accounting Basics
FIN 48, Accounting for Uncertain Tax Positions (now codified as ASC 740-10) was made a requirement for any entity with financial statements prepared in accordance with generally accepted acc
Some of the most common disclosures are:
Statement of Financial Account Standards 116 (FASB116) is the primary guidance relating to the recording of contribution revenue by not-for-profit organizations (NFPs).
Statement of Financial Accounting Standard 117 “Financial Statements of Not-for-Profit Organizations” (FASB117) is the primary guidance relating to the financial statement
A common item on the financial statements of not-for-profit organizations (NPOs) is investments. These investments can often be the largest single line item on the financial statements.
The Financial Accounting Standards Board (FASB) has issued Accounting Standard Update (ASU) 2016-14. This ASU is intended to update, not overhaul, the current financial statement model to imp