Description

Book Synopsis

EXPERT GUIDANCE ON HOW TO READ, INTERPRET, AND USE NONPROFIT FINANCIAL STATEMENTSUPDATED TO INCLUDE THE NEW FASB STANDARD FOR NONPROFIT FINANCIAL REPORTING

Whether you're a nonprofit executive unfamiliar with the language of financial statements or a seasoned pro, this book is the only guide you'll need to correctly interpret those critical documents, refresh your skills and familiarize yourself with the new FASB nonprofit reporting standards.

The intent behind the recent FASB accounting standards update was to improve the clarity and usefulness of nonprofit financial statements. But making sense of those statements can still be tough for the uninitiated. Accountants and non-accountants who use and prepare nonprofit financial statements need guidance on how to interpret and implement these new FASB standards. Written for both audiences, this book:

  • Clearly defines accounting terminology and concepts, while offering numerous examples of financial stat

    Table of Contents

    Preface vii

    Learning Objectives ix

    Introduction xi

    Chapter 1 Why You Need to Understand the Update to the Nonprofit Reporting Model 1

    Chapter 2 Why Update the Nonprofit Reporting Model? 3

    Chapter 3 Highlights of the Major Changes to the Nonprofit Reporting Model 5

    Chapter 4 What Is the Purpose of Financial Statements? 11

    Chapter 5 Types of Financial Statements 13

    Chapter 6 How to Read a Nonprofit Financial Statement 15

    Chapter 7 Statement of Financial Position 17

    Chapter 8 Statement of Activities 19

    Chapter 9 Statement of Cash Flows 23

    Chapter 10 Statement of Functional Expenses 25

    Chapter 11 Footnotes to Financial Statements 27

    Chapter 12 Internal versus External (Audited) Financial Statements 29

    Chapter 13 The Independent Auditor’s Report 31

    Chapter 14 Other Types of Auditor Opinions 35

    Chapter 15 Supplemental Information 37

    Chapter 16 Reserves 39

    Chapter 17 Financial Statement Exercises 43

    Chapter 18 Example Set 1 45

    Chapter 19 Example Set 2 101

    Chapter 20 Example Set 3 157

    Chapter 21 Financial Analysis 223

    Chapter 22 Benchmarking 227

    Chapter 23 Increasing Complexity in Nonprofit Financial Reporting 231

    Chapter 24 Nonprofits Subject to Government Auditing Standards and a Single Audit under the Uniform Guidance 235

    Glossary Prior to Effective Date of ASU 2016-14 241

    Glossary Amendments Made upon Adoption of ASU 2016-14 247

    About the Authors 251

    Index 255

How to Read Nonprofit Financial Statements

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    A Paperback / softback by Andrew S. Lang, William D. Eisig, Lee Klumpp

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      Book details

      Publisher John Wiley & Sons Inc
      Published 31 March 2017
      ISBN-13 9781118976692
      978-1118976692
      ISBN-10 111897669X
      Also in:
      Finance and accounting

      Description

      Book Synopsis

      EXPERT GUIDANCE ON HOW TO READ, INTERPRET, AND USE NONPROFIT FINANCIAL STATEMENTSUPDATED TO INCLUDE THE NEW FASB STANDARD FOR NONPROFIT FINANCIAL REPORTING

      Whether you're a nonprofit executive unfamiliar with the language of financial statements or a seasoned pro, this book is the only guide you'll need to correctly interpret those critical documents, refresh your skills and familiarize yourself with the new FASB nonprofit reporting standards.

      The intent behind the recent FASB accounting standards update was to improve the clarity and usefulness of nonprofit financial statements. But making sense of those statements can still be tough for the uninitiated. Accountants and non-accountants who use and prepare nonprofit financial statements need guidance on how to interpret and implement these new FASB standards. Written for both audiences, this book:

      • Clearly defines accounting terminology and concepts, while offering numerous examples of financial stat

        Table of Contents

        Preface vii

        Learning Objectives ix

        Introduction xi

        Chapter 1 Why You Need to Understand the Update to the Nonprofit Reporting Model 1

        Chapter 2 Why Update the Nonprofit Reporting Model? 3

        Chapter 3 Highlights of the Major Changes to the Nonprofit Reporting Model 5

        Chapter 4 What Is the Purpose of Financial Statements? 11

        Chapter 5 Types of Financial Statements 13

        Chapter 6 How to Read a Nonprofit Financial Statement 15

        Chapter 7 Statement of Financial Position 17

        Chapter 8 Statement of Activities 19

        Chapter 9 Statement of Cash Flows 23

        Chapter 10 Statement of Functional Expenses 25

        Chapter 11 Footnotes to Financial Statements 27

        Chapter 12 Internal versus External (Audited) Financial Statements 29

        Chapter 13 The Independent Auditor’s Report 31

        Chapter 14 Other Types of Auditor Opinions 35

        Chapter 15 Supplemental Information 37

        Chapter 16 Reserves 39

        Chapter 17 Financial Statement Exercises 43

        Chapter 18 Example Set 1 45

        Chapter 19 Example Set 2 101

        Chapter 20 Example Set 3 157

        Chapter 21 Financial Analysis 223

        Chapter 22 Benchmarking 227

        Chapter 23 Increasing Complexity in Nonprofit Financial Reporting 231

        Chapter 24 Nonprofits Subject to Government Auditing Standards and a Single Audit under the Uniform Guidance 235

        Glossary Prior to Effective Date of ASU 2016-14 241

        Glossary Amendments Made upon Adoption of ASU 2016-14 247

        About the Authors 251

        Index 255

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