Overview
Founded in 1887, the AICPA represents the CPA profession nationally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the profession’s technical and ethical standards.
The AICPA’s founding established accountancy as a profession distinguished by rigorous educational requirements, high professional standards, a strict code of professional ethics, a licensing status and a commitment to serving the public interest.
For more information, visit AICPA.org.
Overview
Founded in 1887, the AICPA represents the CPA profession nationally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the profession’s technical and ethical standards.
The AICPA’s founding established accountancy as a profession distinguished by rigorous educational requirements, high professional standards, a strict code of professional ethics, a licensing status and a commitment to serving the public interest.
For more information, visit AICPA.org.
Blogs
Functional Expense Schedule Best Practices for Not-for-Profits
For some not-for-profit entities (NFPs), a separate statement of functional expenses will be the most efficient and effective way of presenting the analysis of expenses by function and nature that is required under FASB Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. Voluntary health and welfare organizations were previously required to present a statement of functional expenses; other NFPs were not required but could choose to present one if desired. However, many NFPs are preparing this statement, or a similar schedule in the notes to the financial statements, for the first time. With that in mind, here are some best practices for organizations to keep in mind as they prepare these schedules.
