tailieunhanh - Lecture note Government and not-for-profit accounting: Concepts and practices (7/e) – Chapter 12: Not-for-profit organizations

Chapter 12 - Not-for-profit organizations. In this chapter, the learning objectives are: Identify the authoritative standards-setting bodies for establishing GAAP for Not-For-Profits (NFPs); how and why financial statements of not-for-profits divide resources into three categories: unrestricted, temporarily restricted, and permanently; reporting of Cash Flows by NFPs;. | Chapter 12 Not-for-Profit Organizations © 2016 John Wiley & Sons, Inc. All rights reserved. 1 1 Thoughts to Ponder “We make a living by what we get. We make a life by what we give.” Winston Churchill “Service to others is the rent you pay for your room here on earth.” Mohammed Ali © 2016 John Wiley & Sons, Inc. All rights reserved. 2 2 Life’s Lessons : Chapter 12 © 2016 John Wiley & Sons, Inc. All rights reserved. 3 Learning Objectives Identify the authoritative standards-setting bodies for establishing GAAP for Not-For-Profits (NFPs). How and why financial statements of not-for-profits divide resources into three categories: Unrestricted, Temporarily restricted, and Permanently Reporting of Cash Flows by NFPs Explain NFP financial reporting and accounting for: Contributions, contributions of services, pass through contributions, pledges, collection items, conditional promises, gains and losses on investment, capital assets Special problems of determining the cost of fund-raising . | Chapter 12 Not-for-Profit Organizations © 2016 John Wiley & Sons, Inc. All rights reserved. 1 1 Thoughts to Ponder “We make a living by what we get. We make a life by what we give.” Winston Churchill “Service to others is the rent you pay for your room here on earth.” Mohammed Ali © 2016 John Wiley & Sons, Inc. All rights reserved. 2 2 Life’s Lessons : Chapter 12 © 2016 John Wiley & Sons, Inc. All rights reserved. 3 Learning Objectives Identify the authoritative standards-setting bodies for establishing GAAP for Not-For-Profits (NFPs). How and why financial statements of not-for-profits divide resources into three categories: Unrestricted, Temporarily restricted, and Permanently Reporting of Cash Flows by NFPs Explain NFP financial reporting and accounting for: Contributions, contributions of services, pass through contributions, pledges, collection items, conditional promises, gains and losses on investment, capital assets Special problems of determining the cost of fund-raising activities Assessing the financial conditions of NFPs’ © 2016 John Wiley & Sons, Inc. All rights reserved. 4 4 Nongovernmental NFP or Governmental Entity It was not created by a government, but rather by individuals. It does not have the power to levy taxes. It may not have the power to levy tax-exempt debt. FASB is the authoritative standards-setting body for financial reporting, not the GASB. Examples of not-for-profit organizations: March of Dimes, American Red Cross, etc. March of Dimes’ mission is to improve the health of babies by preventing birth defects, premature birth, and infant mortality American Red Cross works to provide relief to victims of disasters and help people prevent, prepare for, and respond to emergencies. © 2016 John Wiley & Sons, Inc. All rights reserved. 5 Governments Vs. Non-profits GASB: sets standards for all state and local governmental entities (including governmental nonprofits). FASB: sets standards for non governmental non-profits except federal .

• Kế toán - Kiểm toán
• Accounting for governmental
• Not for profit organizations
• Financial reporting for governmental
• Not for profit accounting
• Governmental entity
• Reporting entity
• Financial analysis