Audit Risk Alert: Not-For-Profit Entities Industry Developments-2018

✍ Scribed by AICPA

• Publisher: John Wiley & Sons, Incorporated
• Year: 2018
• Tongue: English
• Leaves: 114
• Series: Aicpa Ser
• Category: Library

✦ Synopsis

New standards for financial statement presentation and revenue recognition have created many not-for-profit financial reporting changes. Combine those with today's technology-centered environment and the ever-present scrutiny of exempt organizations by the IRS and watchdog and rating agencies, and accountants, auditors, and financial managers may wonder how they'll ever tackle all the associated risks.

This alert takes discusses the important developments affecting not-for-profit entities in 2018, and the issues auditors may face. It's jam-packed with targeted discussions of current economic, accounting, and auditing issues affecting nonprofits, as well as changes on the horizon. Topics range from business environment issues like cybersecurity to accounting and auditing challenges like implementation of FASB's new financial statement standard (ASU No. 2016-14) and valuation of gifts-in-kind. This alert also covers legislative and regulatory issues like UBIT, debt-financed property rules, and tax reform provisions of interest to exempt organizations, as well as the new auditing standard on auditor involvement with exempt offering documents.
Among other topics, this alert focuses on risks related to recent nonprofit industry trends, financial statement presentation changes, revenue recognition, and fair value issues. A discussion of tax reform provisions affecting exempt organizations is also included as well as information on emerging issues such as:


Revenue recognition for grants and contracts Phase 2 of FASB's not-for-profit financial statement presentation project Changes to the auditor's report Cybersecurity Blockchain and other transformative technology Awareness of key trends affecting the nonprofit environment informs audit planning, risk management, strategic planning, and oversight, thereby promoting greater success and sustainability of not-for-profit entities.

✦ Table of Contents

Content: Intro
Audit Risk Alert 2018 Not-for-Profit Entities Industry Developments: Strengthening Audit Integrity Safeguarding Financial Reporting
Notice to Readers
Recognition
Feedback
Table of Contents
How This Alert Helps You
Economic and Industry Developments
The Current Economy
The State of NFPs
Legislative and Regulatory Developments
IRS Exempt Organization Function
IRS Issue Snapshots
Department of the Treasury and the IRS Issue Priority Guidance Plan for 2017-2018
Listing of Published Guidance-2017
Unrelated Business Taxable Income Issues
Functional Expenses Discrepancies Between FASB ASU No. 2016-14 and Form 990Tax Cuts and Jobs Act
Matters Affecting Higher Education
Matters Affecting Religious Organizations
Impact of Rising Minimum Wage Law on NFPs
General Data Protection Regulation
Audit and Attestation Issues and Developments
Audit Risks for NFPs
New Auditing Standard on Going Concern
New Auditing Standard on Auditor Involvement With Exempt Offering Documents
Recent Changes to SOC 1 Service Auditor Reports
Auditing Functional Expense Classifications
Confirmations
Auditing Funds Held at Nonfinancial Institutions Challenges in Auditing GIKTransformative Technology on the Horizon
Accounting Issues and Developments
Revenue From Contracts With Customers
Accounting Standards Updates Effective in 2017
The Net Asset Value Practical Expedient and Readily Determinable Fair Value
Clarification of Key Terms in the Definition of Public Business Entity
Expiration of the Perkins Loan Program
Leases
Recent Pronouncements
Recent Auditing and Attestation Pronouncements and Related Guidance
Recent ASUs
Recently Issued Technical Questions and Answers
Recent AICPA Independence and Ethics Developments Proposed Interpretations Responding to Non-Compliance With Laws and RegulationsConceptual Framework Implementation Tools and Resources
Definition of a Client
New Independence Interpretation-Hosting Services
Knowing Misrepresentations in the Preparation and Presentation of Information
Pressure to Breach the Rules
AICPA NFP Initiatives
Not-for-Profit Member Section
Not-for-Profit Certificate Program
On the Horizon
Auditing Pipeline
Accounting Pipeline
Resource Central
Publications
Continuing Professional Education
Webcasts
Member Service Center
Hotlines AICPA Online Professional Library: Accounting and Auditing LiteratureIndustry Conference
AICPA Government Audit Quality Center
AICPA Industry Expert Panel-Not-for-Profit Entities
AICPA.org Not-for-Profit Interest Area
Industry Websites
Appendix-Additional Internet Resources
EULA

✦ Subjects

Auditing -- Standards -- United States;Auditing -- United States;Nonprofit organizations -- Accounting;BUSINESS & ECONOMICS / Accounting / Financial;Auditing;Auditing -- Standards;United States