Transcription of ASU 2016-14 Illustrative Financial Statement Example
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Example: bankruptcy
ASU 2016-14 Illustrative Financial Statement Example
2019, Association of International Certified Professional Accountants. All rights reserved. Report of Independent Auditors and Financial Statements for Big National Charity, Inc. December 31, 20XX and 20XX 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. 2019, Association of International Certified Professional Accountants. All rights reserved.
placed with high credit quality financial institutions. Big National Charity, Inc. has not experienced, nor does it anticipate, any losses with respect to such accounts. Contributions receivable – Unconditional promises to give that are expected to be collected within one year are recorded at net realizable value.
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