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About this product
Product Identifiers
PublisherWiley & Sons, Incorporated, John
ISBN-101119742757
ISBN-139781119742753
eBay Product ID (ePID)14050090567
Product Key Features
Number of Pages256 Pages
LanguageEnglish
Publication NameAnnual Update: Top Governmental and Not-For-Profit Accounting and Auditing Issues Facing Cpas
Publication Year2020
SubjectAccounting / Financial, Nonprofit Organizations & Charities / Finance & Accounting, Accounting / Governmental
TypeTextbook
AuthorLynda Dennis
Subject AreaBusiness & Economics
SeriesAicpa Ser.
FormatTrade Paperback
Dimensions
Item Height0.8 in
Item Weight18.4 Oz
Item Length10.8 in
Item Width8.4 in
Additional Product Features
Intended AudienceScholarly & Professional
Dewey Edition23
Dewey Decimal657.835045
Table Of ContentChapter 1 1-1 GASB Statement No. 87, Leases 1-1 Major areas of inquiry 1-2 Background 1-3 Applicability of GASB Statement No. 87 1-5 Terms and their application 1-6 Overview of requirements of GASB Statement No. 87 1-9 Financial reporting 1-26 Implementation challenges 1-27 Summary 1-31 Chapter 2 2-1 Revenue Recognition by Not-for-Profit Entities 2-1 Major areas of inquiry 2-2 Overview 2-3 Accounting for contributions 2-6 Agency transactions 2-11 Exchange transaction or contribution 2-16 Case study 2-22 Summary 2-23 Practice questions 2-24 Chapter 3 3-1 Risk Assessment and Related Documentation 3-1 Major areas of inquiry 3-2 Background 3-3 Risk assessment and professional standards 3-5 Risk assessment procedures 3-6 Understanding internal control 3-9 Assessing the risks of material misstatement 3-11 Responses to the risk of material misstatement and linking results of risk assessment to the audit procedures 3-13 Summary 3-21 Practice questions 3-22 Chapter 4 4-1 GASB Statement No. 83, Certain Asset Retirement Obligations 4-1 Major areas of inquiry 4-2 Background 4-3 Overview of GASB Statement No. 83 4-4 Recognition and measurement of AROs 4-6 Disclosures relating to AROs 4-11 Financial reporting 4-13 Implementation challenges 4-14 Summary 4-17 Chapter 5 5-1 Accounting for Special Events by Not-for-Profit Entities 5-1 Major areas of inquiry 5-2 Overview 5-3 Revenue recognition 5-4 Reporting costs relating to special events 5-6 Special events accounting and reporting considerations 5-8 Reporting special events in the statement of activities 5-15 Summary 5-17 Practice questions 5-18 Chapter 6 6-1 Audit Sampling 6-1 Major areas of inquiry 6-2 Overview 6-3 Uncertainty and audit sampling 6-5 Approaches to audit sampling 6-8 Evaluating the results of sampling 6-15 Summary 6-18 Practice questions 6-19 Chapter 7 7-1 The Financial Reporting Model for Not-for-Profit Entities 7-1 Major areas of inquiry 7-2 Overview 7-3 Key changes in ASU No. 2016-14 7-4 Initial implementation and subsequent application considerations 7-13 Summary 7-18 Practice questions 7-19 Chapter 8 8-1 Government Auditing Standards -- Independence, Competence, and Continuing Professional Education 8-1 Major areas of inquiry 8-2 Overview 8-3 Independence 8-5 GAGAS conceptual framework approach to independence 8-7 Provision of nonaudit services to audited entities 8-16 Consideration of specific nonaudit services 8-21 Documentation 8-27 Competence and CPE 8-29 Summary 8-34 Practice questions 8-35 Appendix A A-1 ASU No. 2014-09: Revenue from Contracts with Customers (Topic 606) A-1 ASU No. 2014-09: Revenue from Contracts with Customers, as Amended A-3 Appendix B B-1 Accounting Standards Update No. 2018-08: Not-For-Profit Entities (Topic 958): Clarifying the Scope and The Accounting Guidance for Contributions Received and Contributions Made B-1 Glossary Glossary 1 Index Index 1 Solutions Solutions 1 Chapter 1 Solutions 1 Chapter 2 Solutions 4 Chapter 3 Solutions 7 Chapter 4 Solutions 9 Chapter 5 Solutions 10 Chapter 6 Solutions 12 Chapter 7 Solutions 16 Chapter 8 Solutions 18
SynopsisThis book provides a review of the top accounting and auditing issues faced by preparers of governmental and not-for-profit financial statements and their auditors. Key areas covered include: GASB 87, Leases ; r evenue recognition, including grants and contracts ; r isk assessment ; and financial reporting. Key topics include: - Current GASB developments - Audit issues related to GASB developments - Recent GASB pronouncements and their impact on accounting and reporting - Top advice from the AICPA's Technical Hotline and the GASB Technical Inquiry System, This book provides a review of the top accounting and auditing issues faced by preparers of governmental and not-for-profit financial statements and their auditors. Key areas covered include: GASB 87, Leases ; r evenue recognition, including grants and contracts ; r isk assessment ; and financial reporting. Key topics include: · Current GASB developments · Audit issues related to GASB developments · Recent GASB pronouncements and their impact on accounting and reporting · Top advice from the AICPA's Technical Hotline and the GASB Technical Inquiry System
