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Lecture Accounting for Governmental & nonprofit entities (16/e): Chapter 13 - Jacqueline, Suzanne, Earl

Chapter 13 - Accounting for not-for-profit organizations. After studying Chapter 13, you should be able to: Distinguish not-for-profit organizations (NFPs) from entities in the governmental and commercial sectors of the U.S. economy, identify the authoritative standards-setting body for establishing GAAP for nongovernmental NFPs, explain financial reporting and accounting for NFPs. | Chapter 13 Accounting for Not-for-Profit Organizations Learning Objectives After studying Chapter 13, you should be able to: Distinguish not-for-profit organizations (NFPs) from entities in the governmental and commercial sectors of the U.S. economy Identify the authoritative standards-setting body for establishing GAAP for nongovernmental NFPs 1 Learning Objectives (Cont’d) Explain financial reporting and accounting for NFPs: Required financial statements Classification of net assets Accounting for revenues, gains, and support Accounting for expenses Accounting for assets 2 Learning Objectives (Cont’d) Describe the accounting for NFP combinations and consolidations Prepare financial statements in accordance with the generally accepted accounting principles governing NFP organizations Describe optional fund accounting Not-for-Profit Sector The not-for-profit sector of the U.S. economy is very diverse, consisting of many different kinds of organizations The majority of NFPs are philanthropic and quite often rely on contributions and the services of volunteers Some NFPs are designed to serve the interest of the organizations’ members Most are not governments or governmental in nature A minority of NFPs are owned or operated by governments Contributions of resources from providers who do not expect a proportionate return (i.e., nonexchange transactions) Operating purposes other than to earn a profit for owners (i.e., no one expects a return on their investment) Lack of defined ownership (i.e., lack of owner oversight) How Does a Nongovernmental NFP Differ from a Business Entity? 1 It was not created by a government, but rather by individuals who are not placed in power through popular election or appointment by government officials It does not have the power to levy taxes It may not have the power to issue tax-exempt debt How Does a Nongovernmental NFP Differ from a Governmental Entity? 1 The FASB, not the GASB, sets accounting and financial | Chapter 13 Accounting for Not-for-Profit Organizations Learning Objectives After studying Chapter 13, you should be able to: Distinguish not-for-profit organizations (NFPs) from entities in the governmental and commercial sectors of the U.S. economy Identify the authoritative standards-setting body for establishing GAAP for nongovernmental NFPs 1 Learning Objectives (Cont’d) Explain financial reporting and accounting for NFPs: Required financial statements Classification of net assets Accounting for revenues, gains, and support Accounting for expenses Accounting for assets 2 Learning Objectives (Cont’d) Describe the accounting for NFP combinations and consolidations Prepare financial statements in accordance with the generally accepted accounting principles governing NFP organizations Describe optional fund accounting Not-for-Profit Sector The not-for-profit sector of the U.S. economy is very diverse, consisting of many different kinds of organizations The majority of