Not-for-Profit Entities Industry Developments, 2016: Audit Risk Alert

You’ll find targeted discussion of emerging practice issues, plus current economic, accounting and auditing developments.

Key Benefits:

Among other topics, this Alert focuses on risks related to recent NFP trends, going concern, revenue recognition, and fair value issues. Also included is a discussion of recent and planned IRS activity with regard to NFPs.

This alert also includes information on emerging issues such as:

Measuring the effectiveness of nonprofits
Alternative investment considerations
Going concern
IRS exempt organizations activities
FASB not-for-profit standard-setting activity
UPMIFA policies

Updates

FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606)
FASB ASU No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern
FASB ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity
FASB ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs
FASB ASU No. 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)
FASB ASU No. 2016-01, Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities

Who Will Benefit:

Audit and accounting firms with nonprofit engagements
Financial managers at nonprofit organizations