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Wiley Not-for-Profit GAAP 2014: Interpretation and Application of Generally Accepted Accounting Principles
book

Wiley Not-for-Profit GAAP 2014: Interpretation and Application of Generally Accepted Accounting Principles

by Richard F. Larkin, Marie DiTommaso
March 2014
Intermediate to advanced content levelIntermediate to advanced
584 pages
17h 54m
English
Wiley
Content preview from Wiley Not-for-Profit GAAP 2014: Interpretation and Application of Generally Accepted Accounting Principles

12 SPLIT-INTEREST AGREEMENTS

Perspective and Issues

Concepts, Rules, and Examples

Revocable Split-Interest Agreements

Irrevocable Split-Interest Agreements

Initial recognition of unconditional irrevocable agreements

Recognition during the agreement's term

Recognition upon termination of agreement

Financial Statement Presentation

Examples of Split-Interest Agreements

Charitable Lead Trust

Perpetual Trust Held by a Third Party

Charitable Remainder Trust

Charitable Gift Annuity

Pooled (Life) Income Fund

Split-Interest Agreements with Embedded Derivative Instruments

Determining if a split-interest agreement contains a derivative instrument

Disclosure Requirements

PERSPECTIVE AND ISSUES

Split-interest agreements are a special type of contribution that result from sharing of legal rights to certain assets by the not-for-profit organization and other beneficiaries. Some donors find it beneficial to enter into trust or other arrangements under which the not-for-profit organization receives benefits that are shared with other beneficiaries. Chapter 6 of the AICPA Audit & Accounting Guide Not-for-Profit Entities (the AICPA Guide) provides significant guidance and background on split-interest agreements that is incorporated in this chapter. Applicable GAAP requirements have been incorporated into the FASB Codification primarily at FASB ASC 958-325.

NOTE: In October 2011, the AICPA issued a whitepaper, “Measurement of Fair Value for Certain Transactions of Not-for-Profit Entities,” designed ...

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Publisher Resources

ISBN: 9781118734308Purchase book