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Chapter 13 - Accounting for not-for-profit organizations. After studying Chapter 13, you should be able to: Distinguish not-for-profit organizations (NFPs) from entities in the governmental and commercial sectors of the U.S. economy, identify the authoritative standards-setting body for establishing GAAP for nongovernmental NFPs, explain financial reporting and accounting for NFPs. | Accounting for Governmental & Nonprofit Entities JACQUELINE L. RECK SUZANNE L. LOWENSOHN 17/e Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1 Accounting for Not-for-Profit Organizations C H A P T E R 13 2 Learning Objectives 13-1 Distinguish not-for-profit organizations (NFPs) from entities in the governmental and commercial sectors of the U.S. economy. 13-2 Identify the authoritative standards-setting body for establishing GAAP for nongovernmental NFPs. 3 1 Learning Objectives 13-3 Explain financial reporting and accounting for NFPs, including required financial statements; classification of net assets; accounting for revenue, gains, and support; accounting for expenses; and accounting for assets. 13-4 Prepare financial statements in accordance with the generally accepted accounting principles governing NFP organizations. 4 1 Defining the Not-for-Profit Sector A not-for-profit . | Accounting for Governmental & Nonprofit Entities JACQUELINE L. RECK SUZANNE L. LOWENSOHN 17/e Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1 Accounting for Not-for-Profit Organizations C H A P T E R 13 2 Learning Objectives 13-1 Distinguish not-for-profit organizations (NFPs) from entities in the governmental and commercial sectors of the U.S. economy. 13-2 Identify the authoritative standards-setting body for establishing GAAP for nongovernmental NFPs. 3 1 Learning Objectives 13-3 Explain financial reporting and accounting for NFPs, including required financial statements; classification of net assets; accounting for revenue, gains, and support; accounting for expenses; and accounting for assets. 13-4 Prepare financial statements in accordance with the generally accepted accounting principles governing NFP organizations. 4 1 Defining the Not-for-Profit Sector A not-for-profit organization is one whose goals involve something other than earning a profit for owners, usually the provision of services. Rather than measuring success with profits, success is measured by how much the organization contributes to the public wellbeing with the resources available to it. Not-for-Profit Organizational Forms Not-for-Profit Categories Voluntary health and welfare organizations Other nonprofit organizations Colleges and universities Health care entities Governmental or not? The not-for-profit audit and accounting guide of the AICPA, with the tacit approval of both the FASB and the GASB, has provided guidance on how to differentiate a governmental organization from a not-for-profit organization. Colleges and universities, hospitals, museums, and social service agencies are examples of organizations that may be either governmental or nongovernmental. GAAP for Nongovernmental NFP Organizations The Financial Accounting Standards Board (FASB) has had responsibility for .
