FinREC issues working draft of proposed accounting guide on not-for-profit entities

The AICPA’s Financial Reporting Executive Committee (FinREC) has issued a working draft of the accounting content of a proposed Audit and Accounting Guide, Not-for-Profit Entities. The proposed guide addresses many new accounting issues that have emerged over the years and includes guidance dedicated specifically to not-for-profit entities. The working draft does not include general and specific auditing considerations, analytical procedures, internal control considerations or reporting.

The purpose of the working draft is to solicit comments from preparers, auditors and users of not-for-profit entity financial statements and other interested parties to further inform the development of the guide, which will be issued once comments are received, considered, and appropriately acted upon by FinREC.

Comments on the working draft are requested by Oct. 15.