Wiley Not-for-Profit GAAP 2020

6OTHER 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
  • 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, audit ...