Results of the field test of the proposed standards for financial statements of not-for-profit organizations and accounting for contributions: special report
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ORGANIZATION AND STRUCTURE OF THE HELD TEST
OVERVIEW OF FINDINGS
STATEMENT OF FINANCIAL POSITION
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Accounting Accounts payable AICPA annuity appears to comply assets released BEREA COLLEGE Board cash and cash cash equivalents cash flow statement cash flows changes in unrestricted conditional contain errors contributed services Contributions Received disclosed disclosure donor-imposed restrictions endowment funds entity example exchange transactions expenses and losses Exposure Draft FASB field test participants field test team financial position financing activities Format functional expenses gains and losses gifts grants implementation problems included indirect method intentions to give Investment income KPMG Peat Marwick long-lived assets measure of operations ment minimum requirements narrative provided not-for-profit organizations operating activities organization's paragraph payments permanently restricted pledges prepared Program promises to give questionnaires realized gains recast financial statements reclassifications recognized released from restrictions restricted net assets restrictions Note revenues and gains Statement 116 statement may contain statement of activities statement of cash statement of financial subtotal temporarily restricted tions transfers unconditional promises users