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Wiley Not-for-Profit GAAP 2014: Interpretation and Application of Generally Accepted Accounting Principles by Marie DiTommaso, Richard F. Larkin

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6 OTHER FINANCIAL STATEMENT ISSUES

COMPARATIVE FINANCIAL INFORMATION

Perspective and Issues

Concepts, Rules, and Examples

Disclosure Requirements

PRESENTING FUND AND NET ASSET INFORMATION

A Complicated Set of Class Financial Statements

Overall impression of complexity

Statement of activities

Reclassifications

Unrestricted investment income

Gains and losses

Comparison with last year's figures

Statement of financial position

Statement of changes in individual funds

Restricted income from endowments

Other supporting statements

INTERIM REPORTING

Perspective and Issues

Concepts, Rules, and Examples

Revenue and Expense Recognition

Inventories

Other Costs and Expenses

Unrelated Business Income Taxes

Discontinued Operations and Extraordinary Items

Accounting Changes

Contingent Items

Seasonality

Fourth Quarter Adjustments

Disclosure Requirements

Subsequent Events

Definition

Public Entities

Conduit Debt Obligors

This chapter is divided into separate sections that address issues often considered by not-for-profit organizations in presenting financial statements in accordance with generally accepted accounting principles.

COMPARATIVE FINANCIAL INFORMATION

PERSPECTIVE AND ISSUES

Although they are not required, comparative financial statements increase the usefulness of the financial information presented to the reader. Financial statement presentations are enhanced if they present financial statements for at least two years. Financial statement readers, including donors, boards of directors, ...

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