NFP AssignmentAdvanced AccountingACCT 421-001Not-for-Profit Assignment (10% Overall Course Grade)April 19, 2021Objective: Research the FASB (Financial Accounting Standards Board) accounting code sections pertainingto accounting for Not-for Profit organizations.You will need to access the accounting code from the American Accounting Association website:http://www2.aaahq.org/ascLogin.cfmLogin: AAA59213Password: Wh3Ae6PAfter logging in, select “FASB Accounting Standards Codification.” You will be redirected toFASB’s website. Read and accept the user agreement. On the left side of the screen, selectIndustry>Not-for-Profit Entities, or type 958 in the search bar.NFP AssignmentCitations of the accounting code shouldbe as follows: ASC XXX=Topic,YY=Subtopic, ZZ=Section,PP=ParagraphFor example, if you are referencing thetopic shown to the left, the appropriatecitation would be: ASC 605-50-45-1The citation is comprised of:605 =Topic Revenue Recognition50 Customer Payment andIncentives=Subtopic45 =Section1=paragraphDirections: Answer the questions below using complete sentences and proper references to the authoritativecode. Answers without relevant code references will not receive credit. Type and number your answers foreach question.1. Click on one of the question marks next to “pending content” in the FASB accounting standards. Whatdoes it mean when content is listed as “pending?” (no code reference required for this question,instead paste the Url where information about pending content can be found)2. When should expirations of donor-imposed restrictions on a contribution be recognized?3. What type of Not-for-Profit entities are required to report a statement of functional expenses?4. Where are board-designated endowments now classified?5. Accounting Standards Update 2019-09, Targeted Improvements to the Accounting for Long-DurationContracts now has an implementation deadline for non-SEC filers of when? What is the reason for thisextension?6. How should Non-Profit entities present contributed assets that are considered non-financial in nature inthe Statement of Activities? What is the required date of implementation of the guidance you found?NFP Assignment7. A Not-for-Profit entity offers programs that cost more to operate than the price of registration forparticipants. The Not-for-Profit uses contributions without donor restrictions to make up for the cashflow shortfall. For impairment testing, should the entity consider those contributions when comparingthe cash flows to the carrying value of an asset?8. When is noncompliance with restrictions imposed by donors required to be disclosed in the financialstatements of a Not-for-Profit?9. For Non-Profits, what circumstances would cause a contribution of noncash assets to change in valueafter it has been recognized?10. Explain how the presentation of the Statement of Financial Position and the Statement of Activities forNon-Profits have changed as a result of Accounting Standards Update 2016-14 (ASU 2016-14),referencing the relevant accounting code. Insert images directly from the code following yourexplanation that depicts the updated presentation according to the FASB Codification for both theStatement of Net Assets and the Statement of Activities.
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