The Financial Accounting Standards Board (FASB) has recently clarified certain guidance relating to not-for-profit (NFP) entities. Specifically, it has issued Accounting Standards Update (ASU) No. 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, and ASU No. 2013-06, Not-for-Profit Entities (Topic 958), Services Received from Personnel of an Affiliate. The latter ASU was issued on April 19, 2013. Separately, the American Institute of Certified Public Accountants (AICPA) in March 2013 issued new guidance in the form of an updated Audit & Accounting Guide (AAG), Not-for-Profit Entities.
Audit, Compliance and Risk Blog
The liability associated with a company’s defined benefit pension has always been hard to measure and, as a result, controversial. Companies in the private sector in the United States were forced to “bite the bullet” on this issue many years ago—in fact, it was in 1985 when Ronald W. Reagan was president.
The American Institute of Certified Public Accountants (AICPA) is in the final stages of updating its generally accepted auditing standards (GAAS) for financial statement audits of companies in the United States that are not subject to the rules and regulations established by the Public Company Accounting Oversight Board (PCAOB). Several years ago the AICPA decided its auditing standardsshould be updated to make them clearer, and at the same time strive to conform them to the standards issued by the International Auditing and Assurance Standards Board.