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 (GAAP) 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 2019 edition of the Guide.

An additional table in this section provides the reader with a list of the relatively recently issued (2017 through 2019) 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. These 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
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. 4
325 Investments—other FAS 124, FSP 124-1, AAG Ch. 4,8
360 Property, plant, and equipment FAS 116, FAS 93, AAG Ch. 7, 9
405 Liabilities AAG Ch. 10EITF D-089
450 Contingencies FAS 116, AAG Ch. 10
470 Debt AAG Ch. 10
605 Revenue recognition FAS 116, FAS 136, AAG Ch. 5,12
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, AAG Ch. 3
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 958-605-25-21
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 and investments 958-210, 320, 325
5 Contributions 958-605, 310
6, DIG B-35 Split-interest 958-30, 815
7 Other assets 958-605, 360
8 Programmatic 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 2017–December 2019
ASU Number Topic Chapter
2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business
2017-02 Not-for-Profit Entities—Consolidation (Subtopic 958-810): Clarifying When a Not-for-Profit Entity That Is a General Partner or a Limited Partner Should Consolidate a For-Profit Limited Partnership or Similar Entity 11
2017-03 Accounting Changes and Error Corrections (Topic 250) and Investments—Equity Method and Joint Ventures (Topic 323): Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings (SEC Update)
2017-04 Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment 22
2017-06 Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting (a consensus of the Emerging Issues Task Force)
2017-07 Compensation—Retirement Benefits (Topic 715) Improving the Presentation of Periodic Pension Cost and Net Periodic Postretirement Benefit Cost 25
2017-08 Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization of Purchased Callable Debt Securities 10
2017-09 Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting
2017-10 Service Concession Arrangements (Topic 853): Determining the Customer of the Operation Services (a consensus of the FASB Emerging Issues Task Force)
2017-11 Earnings per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 840); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception
2017-12 Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities 29
2017-13 Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017, EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments (SEC Update)
2017-14 Income Statement—Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue Contracts with Customers (Topic 606) (SEC Update)
2017-15 Codification Improvements to Topic 995, U.S. Steamship Entities: Elimination of Topic 995
2018-01 Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 28
2018-02 Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
2018-03 Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities
2018-04 Investments—Debt Securities (Topic 320) and Regulated Operations (Topic 980): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 117 and SEC Release No. 33-9273
2018-05 Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118
2018-06 Codification Improvements to Topic 942, Financial Services—Depository and Lending
2018-07 Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting
2018-08 Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made 9
2018-09 Codification Improvements
2018-10 Codification Improvements to Topic 842, Leases 28
2018-11 Leases (Topic 842): Targeted Improvements 28
2018-12 Financial Services—Insurance (Topic 944)
2018-13 Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement
2018-14 Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans 25
2018-15 Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract 22
2018-16 Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes 29
2018-17 Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities
2018-18 Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606
2018-19 Codification Improvements to Topic 326, Financial Instruments— Credit Losses
2018-20 Leases (Topic 842): Narrow-Scope Improvements for Lessors 28
2019-01 Leases (Topic 842): Codification Improvements 28
2019-02 Entertainment—Films—Other Assets—Film Costs (Subtopic 926-20) and Entertainment—Broadcasters—Intangibles—Goodwill and Other (920-350)
2019-03 Updating the Definition of Collections 15
2019-04 Codification Improvements to Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Financial Instruments (Topic 825)
2019-05 Financial Instruments—Credit Losses (Topic 326)
2019-06 Extending the Private Company Accounting Alternatives on Goodwill and Certain Identifiable Intangible Assets to Not-for-Profit Entities 22
2019-07 Codification Updates to SEC Sections
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