Financial and Accounting Guide for Not-for-Profit Organizations, Eighth Edition 2014 Supplement

CHAPTER 19

The Financial Accounting Standards Board and Future Trends in Not-for-Profit Accounting

19.1 Financial Accounting Standards Board

(a) Establishment of Accounting Rules

(b) Interaction with AcSEC (New)

(c) FASB's Conceptual Framework (New)

(d) FASB Not-for-Profit Standards

(e) AICPA Projects

19.2 The FASB Accounting Standards Codification™ (ASC) (New)

(a) Using the Codification (New)

*Appendix 19-A New FASB Statements of Financial Accounting Standards That Affect Not-for-Profits (New)

p. 339. Revise the chapter featuring list with the following:

19.1 Financial Accounting Standards Board

(a) Establishment of Accounting Rules

(b) Interaction with AcSEC

(c) FASB's Conceptual Framework

(d) FASB's Not-for-Profit Standards

(e) The FASB Accounting Standards Codification™ (ASC) (New)

(f) Using the Codification (New)

Appendix 19-A New FASB Statements of Financial Accounting Standards That Affect Not-for-Profit Organizations (New)

p. 340. Delete the second paragraph and replace with: “This chapter discusses the process by which accounting standards are created as well as expected future developments.”

19.1 Financial Accounting Standards Board

(a) Establishment of Accounting Rules

p. 340. First paragraph, first sentence. Insert “for all U.S. entities” after “body.”

p. 340. First paragraph, second sentence. Add “s” to the end of “successor.”

p. 340, first paragraph. Delete the last sentence.

p. 340. Delete the second paragraph.

p. 341. Continue the deletion of the partial first paragraph ...