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Journal entry — AICPA issues working draft of not-for-profit guide

Published on: Aug 16, 2012

Yesterday, the AICPA’s Financial Reporting Executive Committee released for public comment a working draft of its Audit and Accounting Guide Not-for-Profit Entities. The proposed guide describes existing U.S. GAAP guidance and considerations relevant to not-for-profit entities and addresses recent accounting changes, especially those related to fair value measurement. The working draft does not contain audit guidance, analytical procedures, internal control considerations, or information about reporting by independent auditors, which may be included in the final guide.

Comments on the working draft are due by October 15, 2012.

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