tailieunhanh - Lecture Essentials of accounting for governmental and not-for-profit organizations (12/e) – Chapter 11

Chapter 11 - College and university – Private institutions. In this chapter students will be able to: Apply the accrual basis of accounting in the recording of typical transactions for a private not-for-profit college or university, prepare the financial statements for a private not-for-profit college or university, identify the various types of split-interest agreements and describe accounting practices for each. | Essentials of Accounting for Governmental and Not-for-Profit Organizations Chapter 11 College and University – Private Institutions Copyright © 2015 McGraw-Hill Education. All rights reserved. Chapter 11 – Learning objectives Apply the accrual basis of accounting in the recording of typical transactions for a private not-for-profit college or university Prepare the financial statements for a private not-for-profit college or university Identify the various types of Split-Interest Agreements and describe accounting practices for each. Who has standard setting authority for colleges and universities? Private Not-for-profit Public Government- owned Investor-owned Commercial FASB Standards GASB Standards FASB Standards Excluding those for not-for-profits Standard Setting Authority GASB has primary authority over government related (Public) colleges There is one standard (GASB 35) specific to Public Colleges and Universities FASB has primary authority over private colleges NACUBO - National Association of College and University Business Officers provides additional guidance for both public and private Required Statements: Private Not-for-Profit Colleges and Universities Required statements are set forth in FASB 117 and are the same as other not-for-profits. Statement of Financial Position Statement of Activities or (both) Statement of Unrestricted Revenues, Expenses and Other Changes in Unrestricted Net Assets plus Statement of Changes in Net Assets Statement of Cash Flows Not required: Statement of Functional Expenses Basic Principles Accrual basis of accounting, including depreciation expense FASB 116 applies for contributions, including pledges of support and contributed services FASB 117 applies to classification of net assets as unrestricted, temporarily restricted, or permanently restricted. Equity Accounts: Types of Colleges and Universities Private not-for-profit Net Assets: Unrestricted, Temporarily Restricted, and Permanently Restricted. Public Net . | Essentials of Accounting for Governmental and Not-for-Profit Organizations Chapter 11 College and University – Private Institutions Copyright © 2015 McGraw-Hill Education. All rights reserved. Chapter 11 – Learning objectives Apply the accrual basis of accounting in the recording of typical transactions for a private not-for-profit college or university Prepare the financial statements for a private not-for-profit college or university Identify the various types of Split-Interest Agreements and describe accounting practices for each. Who has standard setting authority for colleges and universities? Private Not-for-profit Public Government- owned Investor-owned Commercial FASB Standards GASB Standards FASB Standards Excluding those for not-for-profits Standard Setting Authority GASB has primary authority over government related (Public) colleges There is one standard (GASB 35) specific to Public Colleges and Universities FASB has primary authority over private colleges NACUBO - .