Analyze the selected not-for-profit’s financial statements to determine if the statements conform to Financial Accounting Standards Board (FASB) guidance in Statement No. 117, Financial Statements of Not-for-Profit Organizations (FASB ASC 958-205-45). Explain the selected organization’s use of the three (3) fund categories. Recommend at least two (2) areas of potential interest to the stakeholder concerning the status of revenue and expenses.
Analyze the organization’s statement of cash flows. Explain the format that the organization utilizes, including any unique areas of emphasis that differ from-GAAP accounting format.
Compare the organization’s reporting of pledges and contributions to its reporting of exchange transactions. Discuss the funds that are utilized.
Assess the fiscal condition of the selected organization utilizing and interpreting financial indicators, using financial ratios that are widely accepted as being indicative of fiscal health. This assessment should also be expanded to include fund-raising analysis, program review, contributions, and grant analysis and revenue analysis.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
Assess the accounting and financial reporting requirements for not-for-profit organizations.
Use technology and information resources to research issues in government and not-for-profit accounting.
Write clearly and concisely about government and not-for-profit accounting using proper writing mechanics.
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Non-for-Profit Financial Reporting Review
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Non-for-Profit Financial Reporting Review
Financial Statements and Audit Report for World Vision Canada (WVC), Year Ended Sept. 2016
Analysis of Financial Statement to Determine Conformity to FASB Guidance
The accounting and the financial reporting for the governmental and not-for-profit firms are governed by the Government Accounting Standards Board (GASB). In contrast, the accounting and financial reporting for the no-governmental and not-for-profit organizations are governed under the Financial Accounting Standards Board (FASB). The FASB guidance in statement number 117 requires that the not-for-profit organization financial statements must have a statement of their financial position, statement of activities and statement of cash flows (Becker and Terrano, 2008). The financial statements of World Vision Canada follow the FASB guidelines. An analysis of the audited financial report for the year 2016 reveals statement of financial position, statement of revenue and expenditures, statement of cash flows and the statement of net changes in revenues (Charity Intelligence, 2017). The conformity of the WVC financial statements to the FASB can also be seen in the company’s classification and its use of net assets, revenues, expenses, gains and losses. The classification in the organization financial statements was
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