Nonprofit Accounting Basics

Financial Statements and Reporting

Accounting for Uncertain Tax Positions: A Requirement for Nonprofit Financial Statements

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

Common Disclosures

Some of the most common disclosures are:

FAS 116

What is FASB 116?

Statement of Financial Account Standards 116 (FASB116) is the primary guidance relating to the recording of contribution revenue by not-for-profit organizations (NFPs).

FAS 117

What is FASB 117?

Statement of Financial Accounting Standard 117 “Financial Statements of Not-for-Profit Organizations” (FASB117) is the primary guidance relating to the financial statement

Investments: Fair Value Disclosures

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.

New Financial Reporting Standards for Nonprofits

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

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