You'll find targeted discussion of emerging practice issues, plus current economic, accounting and auditing developments.

Key Benefits:

Among other topics, this Alert focuses on risks related to recent NFP trends, going concern, revenue recognition, and fair value issues. Also included is a discussion of recent and planned IRS activity with regard to NFPs.

This alert also includes information on emerging issues such as:

• Measuring the effectiveness of nonprofits
• Alternative investment considerations
• Going concern
• IRS exempt organizations activities
• FASB not-for-profit standard-setting activity
• UPMIFA policies

Updates

• FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606)
• FASB ASU No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern
• FASB ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity
• FASB ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs
• FASB ASU No. 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)
• FASB ASU No. 2016-01, Financial Instruments--Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities

Who Will Benefit:

• Audit and accounting firms with nonprofit engagements
• Financial managers at nonprofit organizations