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
