GAAP 2007: Interpretation and Application of Generally Accepted Accounting Principles / Edition 5

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The most practical, authoritativeguide to not-for-profit GAAP

Wiley Not-for-Profit GAAP 2008 is a comprehensive, easy-to-use guide to the accounting and financial reporting principles used by not-for-profit organizations. It is written with the needs of the financial statement preparer, user, and attestor in mind. It provides a complete review of the authoritative accounting literature that impacts all types of not-for-profit organizations. At the same time, Wiley Not-for-Profit GAAP 2008 features many examples and illustrations that will assist the reader in applying authoritative literature to real-life situations. Wiley Not-for-Profit GAAP 2008 excels in providing financial statement preparers, users, and attestors with the most comprehensive and usable information because of these features:

Easy-to-use information that enables the reader to find needed information quickly

Coverage of accounting principles specifically related to not-for-profit organizations, as well as accounting principles applicable to all types of organizations

Specific coverage of accounting issues for different types of not-for-profit organizations

A comprehensive disclosure checklist that helps financial statement preparers and attestors ensure that all disclosures required by GAAP have been considered

Many examples and illustrations that make putting accounting theory into practice an easy task

This 2008 Edition also includes new information covering:

FASB 157, Fair Value Measurements

FASB 158, Employer's Accounting for Defined BenefitPension and Other Post-retirement Plans

FASB 159, The Fair Value Option for Financial Assets and Liabilities

FIN 48, Accounting for Uncertainty in Income Taxes

Update of FASB project on accounting for not-for-profit organization mergers and acquisitions

Wiley Not-for-Profit GAAP 2008 strives to be a thorough, reliable reference that you'll use constantly. It's designed to be kept on your desk rather than on your bookshelf.
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Product Details

Meet the Author

Richard F. Larkin is technical director of not-for-profit accounting and auditing for BDO Seidman, LLP, in Bethesda, Maryland. Previously he was the technical director of the Not-for-Profit Industry Services Group in the national office of PricewaterhouseCoopers. He is a certified public accountant, bard member, treasurer, and consultant. He teaches, speaks, and writes extensively on not-for-profit industry matters and is active in many professional and industry organizations. He has been a member of the Financial Accounting Standards Board Not-for-Profit Advisory Task Force and the AICPA Not-for-Profit Organizations Committee, and Chaired the AICPA Not-for-Profit Audit Guide Task Force. He participated in both the third and Fourth editions of Standards of Accounting and Financial Reporting for Voluntary Health and Welfare Organizations, and the AICPA Practice Aid, Financial Statement Presentation and Disclosure Practice for Not-for-Profit organizations. He graduated from Harvard College and has an MBA from Harvard Business School. He is a coauthor of the fourth, fifth, and sixth editions of Financial and Accounting Guide for Not-for-Profit Organizations, which were published by John Wiley & Sons Inc.

Marie DiTommaso, CPA, is a partner in the firm of DiTommaso and Ruppel, CPAs, which she cofounded. She has over twenty years of experience in accounting and financial reporting in both the not-for-profit and commercial accounting environments. She began her career with KPMG after graduating from Queens College of the City University of New York. Later in her career, she joined the American Express Company and then Dun & Bradstreet Corporation, both to9 develop, write,and implement accounting policies and procedures. After leaving these corporate organizations, Ms. DiTommaso served as the chief financial officer of a not-for-profit organization.

Ms. DiTommaso is a member of the American Institute of Certified Public Accountants. She has served as President of the Bergen County chapter of the New Jersey Women Business Owners Association, and as an advisor to its Board of Directors.

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Table of Contents

Authoritative Accounting Pronouncements     x
Overview of Not-for-Profit Organizations
Overview of Not-for-Profit Organizations     3
Cash versus Accrual Basis Accounting     8
Basic Financial Statements
Statement of Financial Position     19
Statement of Activities     25
Statement of Cash Flows     35
Other Financial Statement Issues     48
Specific Not-for-Profit Accounting Topics
Fund Accounting     67
Net Assets     79
Contributions, Pledges, and Noncash Contributions     85
Checklist     105
Checklist     107
Checklist     109
Checklist     111
Checklist     113
Checklist     116
Investments     120
Affiliated Organizations     136
Checklist     155
Split-Interest Agreements     157
Fund-Raising and Joint Costs     168
Functional Reporting     181
Collections     186
Other Accounting-Related Not-for-Profit Topics
Accounting for Specific Types of Not-for-Profits     193
Associations and Professional Societies     193
Churches     196
Clubs     197
Libraries     198
Museums     199
Performing Arts Organizations     200
Private Foundations     201
Religious Organizations other than Churches     204
Research and Scientific Organizations     205
Private Elementary and Secondary Schools     206
Public Broadcasting Systems     206
Importance of Budgets to a Not-for-Profit     208
Principal Federal and State Tax Reporting and Regulatory Requirements     226
General Accounting Topics Applied to Not-for-Profit Organizations
Current Assets and Current Liabilities     279
Inventory     286
Long-Lived Assets, Depreciation, and Impairment     295
Intangible Assets     309
Contingencies     314
Business Combinations     328
Accounting for Pensions and Postretirement Benefits     338
Long-Term Liabilities     377
Accounting Changes     396
Accounting for Leases     415
Financial Instruments     450
Capitalization of Interest Costs     456
Disclosure Checklist     462
Index     486
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