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Financial and Accounting Guide for Not-for-Profit Organizations, Eighth Edition 2014 Supplement by John H. McCarthy, Nancy E. Shelmon, John A. Mattie

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CHAPTER 15

The External Financial Statement Reporting Model for Organizations Reporting under GASB Standards

15.3 Generally Accepted Accounting Principles

15.4 External Financial Reporting Model

15.5 Basic Financial Statements

(a) Statement of Net Assets (Balance Sheet)

(b) Statement of Revenues, Expenses, and Changes in Net Assets

*(c) Statement of Cash Flows

*15.6 The Reporting Entity

15.7 Assets, Liabilities, and Deferred Inflows/Outflows

*(a) Investments

(b) Capital Assets

(ii) Works of Art and Historical Treasures

(c) Intangible Assets

(d) Derivatives

(f) Deferred Inflows and Outflows of Resources

15.8 Revenues and Expenses

(b) Nonexchange Transactions

*(i) Eligibility Requirements

(ii) Purpose Restrictions

(iii) Financial Statement Display

(c) Labor Costs and Employee Benefits

*(ii) Pensions and Other Postemployment Benefits

(iii) Termination Benefits

(d) Government Combinations (New)

15.9 Other Reporting Matters

(b) Required Supplementary Information (RSI)

p. 251, chapter featuring list. Section 15.5(a) should read “Statement of Net Position (Balance Sheet).”

p. 251, chapter featuring list. Section 15.5(b) should read “Statement of Revenues, Expenses, and Changes in Net Position.”

15.3 Generally Accepted Accounting Principles

p. 254, second paragraph. Last sentence should read “Those changes became effective for financial statements prepared in periods beginning after December 15, 2011.”

15.4 External Financial Reporting Model

p. 255, first full paragraph. Third sentence ...

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