Not-for-Profit Accounting Literature

Cross-references between the FASB Accounting Standards Codification (ASC) and Previous Guidance

As more fully described in Chapter 1, the source of all authoritative generally accepted accounting principles for not-for-profit organizations is now contained in the FASB Accounting Standards Codification (ASC). The following tables cross-reference several of the more common ASC sections with the prior FASB pronouncements to assist readers in navigating the ASC. References in these charts to the AICPA Audit & Accounting Guide are to the 2012 edition of the Guide. Some chapters have been rearranged in the 2013 edition.

An additional table in this section provides the reader with a list of the relatively recently issued (2012 through July 2014) Accounting Standards Updates ("ASUs" which amend the ASC) issued by the FASB. Most of the ASUs will not affect the accounting and financial reporting for many, if not all, not-for-profit organizations and are not discussed in this book. However, it is important for the reader to be aware of the changes being made to the ASC so that any potential impacts of these changes can be evaluated. Note that several ASUs beginning in 2014 are the result of consensus of the FASB's Private Company Council, which provides a simplified method of accounting and reporting for certain transactions of private business entities. There ASUs are not applicable to not-for-profit organizations.

Where a specific ASU is addressed in a chapter of this book, that chapter is indicated in the table.

ASC-from previous:

ASC Subject Matter Previous Guidance (primarily) 958- 10 Overall AAG (AICPA audit guide) Ch. 1 Para 15.04 20 Financially-interrelated entities FAS 136 30 Split-interest agreements AAG Ch. 6 DIG B-35 205 Presentation of financial statements FAS 117, FSP 117-1, FAS 124 210 Balance sheet FAS 117 225 Income statement FAS 117, others 230 Statement of cash flows FAS 117, AAG Ch. 3 310 Receivables FAS 116, AAG Ch. 5 & others 320 Investments-debt and equity securities FAS 124, AAG Ch. 8 325 Investments-other FAS 124, FSP 124-1, AAG Ch. 8 360 Property, plant, and equipment FAS 116, FAS 93, AAG Ch. 7, 9 405 Liabilities AAG Ch. 10, 11, 13, EITF D-089 450 Contingencies FAS 116, AAG Ch. 10, 3 470 Debt AAG Ch. 10 605 Revenue recognition FAS 116, FAS 136, AAG Ch. 5 715 Compensation-retirement benefits FAS 87, 88, 106, 132 (R), 158 720 Other expenses FAS 117, SOP 98-2, AAG Ch. 13 805 Combinations FAS 164 810 Consolidation SOP 94-3, FSP 94-3-1, EITF 90-15, 96-21, ARB 51 815 Derivatives and hedging DIG B-35 840 Leases SOP 94-3, EITF 90-15, 96-21, 97-01

Previous-to ASC:

Previous Guidance Subject Matter ASC (primarily) FAS 87, 88, 106, 132(R), 158 Retirement benefits 958-715 FAS 93 Depreciation 958-360 FAS 116 Contributions 958-605 FAS 117 Financial statement presentation 958-205, 210, 225, 230, 720 FSP 117-1 Endowments 958-205 FAS 124 Investments 958-320, 325, 205 FSP 124-1 Investments 958-325 FAS 136 Pass-through gifts 958-605, 20 FAS 157 Fair value 820 FAS 164 Combinations 958-805 FIN 48 Uncertain tax positions 740-10 DIG B-35 Derivative in a split-interest 958-30, 815 SOP 94-3 Consolidation 958-810 FSP 94-3-1 Consolidation 958-810 SOP 98-2 Joint costs 958-720 AAG-NPO Chapter: 1 Introduction 958-10 2 Auditing (not in ASC) 3 Financial reporting 958-205, 210, 230 4 Cash 958-210 5 Contributions 958-605, 310 6, DIG B-35 Split-interest 958-30, 815 7 Other assets 958-605, 360 8 Investments 958-320, 325 9 Property, plant, and equipment 958-360 10 Liabilities 958-405, 450, 720 11 Net assets 958-225 12 Exchange transactions 958-605, 310 13 Expenses 958-720, 225 14 Auditors' reports (not in ASC) Para. 15.04 Tax 958-10 Rest of Ch. 15 Tax (not in ASC) 16 Fund accounting (not in ASC)

Accounting Standards Updates Issued During 2012 through 2014 (July)

ASU Number Topic Chapter 2012-01 Health Care Entities (Topic 954): Continuing Care Retirement Communities-Refundable Advance Fees 2012-02 Intangibles-Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment 22 2012-03 Technical Amendments and Corrections to SEC Sections 2012-04 Technical Corrections and Improvements 2012-05 Statement of Cash Flows (Topic 230): Not-for-Profit Entities: Classification of the Sale Proceeds of Donated Financial Assets in the Statement of Cash Flows 5 2012-06 Business Combinations (Topic 805): Subsequent Accounting for an Indemnification Asset Recognized at the Acquisition Date as a Result of a Government-Assisted Acquisition of a Financial Institution 2012-07 Entertainment-Films (Topic 926): Accounting for Fair Value Information That Arises after the Measurement Date and Its Inclusion in the Impairment Analysis of Unamortized Film Costs 2013-01 Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities 3 2013-02 Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income 2013-03 Financial Instruments (Topic 825): Clarifying the Scope and Applicability of a Particular Disclosure to Nonpublic Entities 29 2013-04 Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date 23 2013-05 Foreign Currency Matters (Topic 830): Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity 2013-06 Not-for-Profit Entities (Topic 958): Services Received from Personnel of an Affiliate 11 2013-07 Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting 2013-08 Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure...