Not-for-Profit Accounting Literature
Cross-references between the FASB Accounting Standards Codification (ASC) and Previous Guidance
As more fully described in Chapter 1, the source of all authoritative generally accepted accounting principles for not-for-profit organizations is now contained in the FASB Accounting Standards Codification (ASC). The following tables cross-reference several of the more common ASC sections with the prior FASB pronouncements to assist readers in navigating the ASC. References in these charts to the AICPA Audit & Accounting Guide are to the 2012 edition of the Guide. Some chapters have been rearranged in the 2013 edition.
An additional table in this section provides the reader with a list of the relatively recently issued (2013 through September 2015) Accounting Standards Updates (“ASUs” which amend the ASC) issued by the FASB. Most of the ASUs will not affect the accounting and financial reporting for many, if not all, not-for-profit organizations and are not discussed in this book. However, it is important for the reader to be aware of the changes being made to the ASC so that any potential impacts of these changes can be evaluated. Note that several ASUs beginning in 2014 are the result of consensus of the FASB's Private Company Council, which provides a simplified method of accounting and reporting for certain transactions of private business entities. These ASUs are not applicable to not-for-profit organizations.
Where a specific ASU is addressed in a chapter of this book, that chapter is indicated in the table.
ASC–from previous:
| ASC | Subject Matter | Previous Guidance (primarily) |
| 958- | ||
| 10 20 30 205 210 225 230 310 320 325 360 405 450 470 605 715 720 805 810 815 840 |
Overall Financially-interrelated entities Split-interest agreements Presentation of financial statements Balance sheet Income statement Statement of cash flows Receivables Investments—debt and equity securities Investments—other Property, plant, and equipment Liabilities Contingencies Debt Revenue recognition Compensation—retirement benefits Other expenses Combinations Consolidation Derivatives and hedging Leases |
AAG (AICPA Audit Guide) Ch. 1 Para 15.04 FAS 136 AAG Ch. 6 DIG B-35 FAS 117, FSP 117-1, FAS 124 FAS 117 FAS 117, others FAS 117, AAG Ch. 3 FAS 116, AAG Ch. 5 & others FAS 124, AAG Ch. 8 FAS 124, FSP 124-1, AAG Ch. 8 FAS 116, FAS 93, AAG Ch. 7, 9 AAG Ch. 10, 11, 13, EITF D-089 FAS 116, AAG Ch. 10, 3 AAG Ch. 10 FAS 116, FAS 136, AAG Ch. 5 FAS 87, 88, 106, 132 (R), 158 FAS 117, SOP 98-2, AAG Ch. 13 FAS 164 SOP 94-3, FSP 94-3-1, EITF 90-15, 96-21, ARB 51 DIG B-35 SOP 94-3, EITF 90-15, 96-21, 97-01 |
Previous–to ASC:
| Previous Guidance | Subject Matter | ASC (primarily) |
| FAS 87, 88, 106, 132(R), 158 FAS 93 FAS 116 FAS 117 FSP 117-1 FAS 124 FSP 124-1 FAS 136 FAS 157 FAS 164 FIN 48 DIG B-35 SOP 94-3 FSP 94-3-1 SOP 98-2 AAG-NPO Chapter: 1 2 3 4 5 6, DIG B-35 7 8 9 10 11 12 13 14 Para. 15.04 Rest of Ch. 15 16 |
Retirement benefits Depreciation Contributions Financial statement presentation Endowments Investments Investments Pass-through gifts Fair value Combinations Uncertain tax positions Derivative in a split-interest Consolidation Consolidation Joint costs Introduction Auditing Financial reporting Cash Contributions Split-interest Other assets Investments Property, plant, and equipment Liabilities Net assets Exchange transactions Expenses Auditors' reports Tax Tax Fund accounting |
958-715 958-360 958-605 958-205, 210, 225, 230, 720 958-205 958-320, 325, 205 958-325 958-605, 20 820 958-805 740-10 958-30, 815 958-810 958-810 958-720 958-10 (not in ASC) 958-205, 210, 230 958-210 958-605, 310 958-30, 815 958-605, 360 958-320, 325 958-360 958-405, 450, 720 958-225 958-605, 310 958-720, 225 (not in ASC) 958-10 (not in ASC) (not in ASC) |
Accounting Standards Updates Issued During 2014 through 2016
| ASU Number | Topic | Chapter |
| 2014-01 | Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects | |
| 2014-02 | Intangibles—Goodwill and Other (Topic 350): Accounting for Goodwill—a consensus of the Private Company Council | |
| 2014-03 | Derivatives and Hedging (Topic 815): Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps—Simplified Hedge Accounting Approach—a consensus of the Private Company Council | |
| 2014-04 | Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Loans upon Foreclosures | |
| 2014-05 | Service Concession Arrangements (Topic 853) | 28 |
| 2014-06 | Technical Corrections and Improvements Related to Glossary Terms | |
| 2014-07 | Consolidation (Topic 810): Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements—a consensus of the Private Company Council | |
| 2014-08 | Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | |
| 2014-09 | Revenue from Contracts with Customers (Topic 606) | 9 |
| 2014-10 | Development State Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation | |
| 2014-11 | Transfers and Service (Topic 860): Repurchase-to-Maturity Transaction, Repurchase Financings, and Disclosures | |
| 2014-12 | Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period | |
| 2014-13 | Consolidation (Topic 810) Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity | |
| 2014-14 | Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40) Clarification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure | |
| 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 | 23 |
| 2014-16 | Derivatives and Hedging (Topic 815) Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity | |
| 2014-17 | Business Combinations (Topic 805) Pushdown Accounting | 24 |
| 2014-18 | Business Combinations (Topic 805) Accounting for Identifiable Intangible Assets in a Business Combination | |
| 2015-01 | Income Statement – Extraordinary and Unusual Items (Subtopic 225-20) Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items | 6 |
| 2015-02 | Consolidation (Topic 810) Amendments to the Consolidation Analysis | 11 |
| 2015-03 | Interest – Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs | 26 |
| 2015-04 | Compensation – Retirement Benefits (Topic 715) Practical Expedient for the Measurement Date of an Employer's Defined Benefit Obligation and Plan Assets | 25 |
| 2015-05 | Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40) Customer's Accounting for Fees Paid in a Cloud Computing Arrangement | 22 |
| 2015-06 | Earnings Per Share (Topic 260) Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions | |
| 2015-07 | Fair Value Measurement (Topic 820) Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) | 10 |
| 2015-08 | Business Combinations (Topic 805) Pushdown Accounting – Amendment to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115 | |
| 2015-09 | Financial Services – Insurance (Topic 944) Disclosure about Short-Duration Contracts | |
| 2015-10 | Technical Corrections and Improvements | |
| 2015-11 | Inventory (Topic 330) Simplifying the Measurement of Inventory | 20 |
| 2015-12 | Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965) – I. Fully Benefit-Responsive Investment Contracts, II. Plan Investment Disclosures, III. Measurement Date Practical Expedient | |
| 2015-13 | Derivatives and Hedging (Topic 815) Application of the Normal Purchases and Normal Sales Scope Exception to Certain Electricity Contracts within Nodal Energy Markets | |
| 2015-14 | Revenue from Contracts with Customers (Topic 606) Deferral of the Effective Date | 9 |
| 2015-15 | Interest – Imputation of Interest (Subtopic 835-30) Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements – Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18-2015 EITF Meeting | |
| 2015-16 | Business Combinations (Topic 805) Simplifying the Accounting for Measurement-Period Adjustments | 24 |
| 2015-17 | Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes | |
| 2016-01 | Financial Instruments – Overall (Topic 825-10) Recognition and Measurement of Financial Assets and Liabilities | |
| 2016-02 | Leases (Topic 842) | 28 |
| 2016-03 | Intangibles—Goodwill and Other (Topic 350), Business Combinations (Topic 805), Consolidation (Topic 810), Derivatives and Hedging (Topic 815) Effective Date and Transition Guidance (a consensus of the Private Company Council) | |
| 2016-04 | Liabilities—Extinguishments of Liabilities (Subtopic 405-20) Recognition of Breakage for Certain Prepaid Stored-Value Products (a consensus of the Emerging Issues Task Force) | |
| 2016-05 | Derivatives and Hedging (Topic 815) Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (a consensus of the Emerging Issues Task Force) | |
| 2016-06 | Derivatives and Hedging (Topic 815) Contingent Put and Call Options in Debt Instruments (a consensus of the Emerging Issues Task Force) | |
| 2016-07 | Investments—Equity Method and Joint Ventures (Topic 323) Simplifying the Transition to the Equity Method of Accounting | 10 |
| 2016-08 | Revenue from Contracts with Customers (Topic 606) Principal versus Agent Considerations (Reporting Revenue Gross versus Net) | |
| 2016-09 | Compensation—Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting | |
| 2016-10 | Revenue from Contracts with Customers (Topic 606) Identifying Performance Obligations and Licensing | 9 |
| 2016-11 | Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815) Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting (SEC Update) | |
| 2016-12 | Revenue from Contracts with Customers (Topic 606) Narrow-Scope Improvements and Practical Expedients | |
| 2016-13 | Financial Instruments—Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments | |
| 2016-14 | Not-for-Profit Entities (Topic 958) Presentation of Financial Statements of Not-for-Profit Entities | 3,5,8,9,14 |
| 2016-15 | Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force | 5 |
| 2016-16 | Income Taxes (Topic 740) Intra-Entity Transfers of Assets Other Than Inventory | |
| 2016-17 | Consolidation (Topic 810) Interests Held through Related Parties That Are under Common Control | |
| 2016-18 | Statement of Cash Flows (Topic 230) Restricted Cash (a consensus of the FASB Emerging Issues Task Force) | 5 |
| 2016-19 | Technical Corrections and Improvements | |
| 2016-20 | Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers | 9 |
| 2017-01 | Business Combinations (Topic 805): Clarifying the Definition of a Business | |
| 2017-02 | Not-for-Profit Entities—Consolidation (Subtopic 958-810) Clarifying When a Not-for-Profit Entity That Is a General Partner or a Limited Partner Should Consolidate a For-Profit Limited Partnership or Similar Entity | 11 |
| 2017-03 | Accounting Changes and Error Corrections (Topic 250) and Investments—Equity Method and Joint Ventures (Topic 323): Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings (SEC Update) | |
| 2017-04 | Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment | 22 |
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