By Malvern J. Gross Jr., John H. McCarthy, Nancy E. Shelmon
This 7th version is full of authoritative suggestion at the monetary reporting, accounting, and keep watch over occasions targeted to not-for-profit agencies. It includes discussions of the accounting and reporting instructions for various forms of enterprises, entire assistance on tax and compliance reporting standards, illustrated reasons of assorted forms of appropriate monetary statements, and masses extra!
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Extra info for Financial and Accounting Guide for Not-for-Profit Organizations, Seventh Edition
They do have purposes other than making a profit; and associations do not have ownership interests. However, many clubs do have ownership interests, and both types typically receive little in the way of contributions—they cover their costs from member dues and from sales of goods and services. (Note that “not-for-profit” and “tax-exempt” are not synonymous. ) Therefore, the question arises as to whether clubs and associations must follow the accounting rules for not-for-profit organizations or the rules for for-profit organizations.
117 (see discussion in Chapter 12 of this book) • Joint costs of multi-purpose activities (b) Advantages of Accrual Basis What are the advantages of the accrual basis? In many instances, the cash basis just does not present accurately enough the financial picture of the organization. The accrual basis of accounting becomes the more appropriate basis when the organization has substantial unpaid bills or uncollected income at the end of each period and these amounts vary from period to period. If the cash basis were used, the organization would have great difficulty in knowing where it actually stood.
Generally accepted accounting principles (GAAP) require many different disclosures in accrual-basis statements, but these principles are mostly silent about the requirement to make such disclosures in cash-basis statements. The authors believe that, even in cash-basis statements, certain disclosures should be made to fully inform readers of the statements of matters affecting the financial situation of the organization. 2 COMBINATION CASH ACCOUNTING AND ACCRUAL STATEMENTS • Commitments and contingencies, and possible impairments of recorded assets • Extraordinary items, prior-period adjustments, and similar unusual matters • Major categories of fixed assets (if capitalized) • Major categories, and fair market value, of investments • Mergers with other organizations • Employee benefits • Credit risk and information about financial derivatives • Restrictions on contributions and net assets • The format requirements of SFAS No.
Financial and Accounting Guide for Not-for-Profit Organizations, Seventh Edition by Malvern J. Gross Jr., John H. McCarthy, Nancy E. Shelmon