ASU 2016-14 Illustrative Financial Statement Example

ASU 2016-14 Financial Statement Example

The AICPA's Not-for-Profit Expert Panel created this set of illustrative financial statements that shows the implementation of ASU 2016-14. This document provides a non-authoritative example of a possible presentation of a complete set of financial statements for a nongovernmental NFP that is not a health care provider under current GAAP. The example is fictitious.

Report of Independent Auditors and Financial Statements for

Big National Charity, Inc.

December 31, 20XX and 20XX

? 2019, Association of International Certified Professional Accountants. All rights reserved.

CONTENTS

FINANCIAL STATEMENTS Statements of Financial Position Statements of Activities Statements of Functional Expenses Statements of Cash Flows ? Indirect Method Statements of Cash Flows ? Direct Method Notes to Financial Statements

PAGE

1 2?3

4 5 6 7?14

? 2019, Association of International Certified Professional Accountants. All rights reserved.

BIG NATIONAL CHARITY, INC.

STATEMENTS OF FINANCIAL POSITION AS OF DECEMBER 31, 20XX AND 20XX

ASSETS Cash and cash equivalents Contributions receivable Due from related parties Prepaid expenses and other assets Investments Property and equipment, net

Total assets

LIABILITIES AND NET ASSETS

LIABILITIES Accounts payable and accrued expenses Due to related parties Other liabilities

Total liabilities

NET ASSETS Without donor restrictions With donor restrictions

Total net assets

Total liabilities and net assets

20XX

$ 1,740,000 244,000 170,000

1,158,000 151,000

$ 3,463,000

20XX

$ 920,000 409,000 90,000 169,000 677,000 207,000

$ 2,472,000

$ 373,000 303,000 143,000

819,000

$ 219,000 -

147,000

366,000

1,599,000 1,045,000

2,644,000

$ 3,463,000

914,000 1,192,000

2,106,000

$ 2,472,000

See accompanying notes.

1

? 2019, Association of International Certified Professional Accountants. All rights reserved.

BIG NATIONAL CHARITY, INC.

STATEMENTS OF ACTIVITIES FOR THE YEAR ENDED DECEMBER 31, 20XX

Operating activities REVENUES AND OTHER SUPPORT

Contributions Contributions - from related parties Contributions - donation in-kind Interest and dividends Net assets released from restrictions

Without Donor With Donor Restrictions Restrictions

Total

$ 4,976,000 755,000 13,000 20,000 662,000

$ 515,000 -

9,000 (662,000)

$ 5,491,000 755,000 13,000 29,000 -

Total revenues and other support

6,426,000

(138,000)

6,288,000

EXPENSES Animal services

4,286,000

-

4,286,000

Supporting services: Management and general Fundraising

283,000 1,139,000

-

283,000

-

1,139,000

Total support services

1,422,000

-

1,422,000

Total expenses

5,708,000

-

5,708,000

Change in net assets from operations

718,000

(138,000)

580,000

Nonoperating activities Investment return, net

(33,000)

(9,000)

(42,000)

Total nonoperating activities

(33,000)

(9,000)

(42,000)

Change in net assets

685,000

(147,000)

538,000

Net assets, beginning of year

914,000

1,192,000

2,106,000

Net assets, end of year

$ 1,599,000 $ 1,045,000 $ 2,644,000

2

See accompanying notes.

? 2019, Association of International Certified Professional Accountants. All rights reserved.

BIG NATIONAL CHARITY, INC.

STATEMENTS OF ACTIVITIES FOR THE YEAR ENDED DECEMBER 31, 20XX

Operating activities REVENUES AND OTHER SUPPORT

Contributions Contributions - from related parties Interest and dividends Net assets released from restrictions

Without Donor With Donor Restrictions Restrictions

Total

$ 3,485,000 324,000 13,000 325,000

$ 106,000 (325,000)

$ 3,591,000 324,000 13,000 -

Total revenues and other support

4,147,000

(219,000)

3,928,000

EXPENSES Animal services

3,269,000

-

3,269,000

Supporting services: Management and general Fundraising

353,000 1,039,000

-

353,000

-

1,039,000

Total support services

1,392,000

-

1,392,000

Total expenses

4,661,000

-

4,661,000

Change in net assets from operations

(514,000)

(219,000)

(733,000)

Nonoperating activities Investment return, net

6,000

3,000

9,000

Total nonoperating activities

6,000

3,000

9,000

Change in net assets

(508,000)

(216,000)

(724,000)

Net assets, beginning of year

1,422,000

1,408,000

2,830,000

Net assets, end of year

$ 914,000 $ 1,192,000 $ 2,106,000

See accompanying notes.

3

? 2019, Association of International Certified Professional Accountants. All rights reserved.

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download