Accounting

Accounting for Not-for-Profit Organizations (Portfolio 5200)

  • This portfolio analyzes the accounting and reporting requirements for most nongovernmental not-for-profit organizations. More specifically, this Portfolio comprehensively surveys generally accepted accounting principles (GAAP) as they relate and apply to not-for-profit organizations.

Description

Bloomberg Tax Portfolio 5200, Accounting for Not-for-Profit Organizations (Accounting Policy and Practice Series), analyzes the accounting and reporting requirements for most nongovernmental not-for-profit organizations. More specifically, this Portfolio comprehensively surveys generally accepted accounting principles (GAAP) as they relate and apply to not-for-profit organizations.

Accounting and disclosure requirements for not-for-profit organizations differ significantly from those of for-profit organizations. Not-for-profit organizations do not utilize equity ownership interests, receive a significant portion of their revenues from donors, and have different motives for existence than their for-profit counterparts.

This Portfolio discusses in depth a number of accounting and disclosure issues unique to not-for-profit organizations including revenues and receivables from contributions, agency transactions, and split-interest agreements. In addition, this Portfolio discusses the accounting and disclosure issues related to collections of art, historical treasures, and other similar assets.

Finally, this Portfolio describes the basic financial statements for not-for-profit organizations, including: the statement of financial position, statement of activities, and statement of cash flows. The disclosure requirements for each of these statements and other footnote disclosures are also discussed herein.

This Portfolio may be cited as Bloomberg Tax Portfolio 5200, Daher, Daher, Larkin and Roque, Accounting for Not-for-Profit Organizations (Accounting Policy and Practice Series).

Note: Various FASB documents, copyright by the Financial Accounting Standards Board, 401 Merritt 7, P.O. Box 5116, Norwalk, CT 06856-5116, U.S.A., are reprinted with permission.

Table of Contents

I. Background and Scope of Portfolio
II. Nature of Not-for-Profit Business Combinations
III. Authoritative Accounting Literature and Accounting Issues Unique to Not-for-Profit Entities
IV. Consolidated Financial Statements of Not-for-Profit Entities
V. Defining and Classifying Business Combinations Involving Not-for-Profit Entities
VI. Carryover Method of Accounting
VII. The Acquisition Method
VIII. Fair Value Measurement Principles Applied to Acquisitions of Not-for-Profit Entities
IX. Financial Statement Presentation Requirements for Acquisitions
X. Accounting for Goodwill and Other Intangible Assets Subsequent to an Acquisition of a Not-for-Profit Entity

Dominic-Daher
Dominic Daher
Associate Vice President, Tax Compliance And Internal Audit
University Of San Francisco
Stacy_Daher
Stacy Daher
Associate Vice President, Finance and Treasury
University of San Francisco
larkin_dick_2015
Richard Larkin
Technical Director
BDO Seidman, CPAs
Roque-Erica
R. Erica Roque
Associate
Arent Fox LLP
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