The following table identifies the changes made to this Subtopic.
The Not-for-Profit Entities Topic provides guidance for
not-for-profit entities (NFPs) as defined in Section
958-10-15 that are
nongovernmental entities, or as further defined in the Scope Sections of the individual Subtopics. Guidance in other Topics and Subtopics applies to NFPs unless the specific Scope Sections exempt NFPs or the subject matter precludes applicability (for example, payment of dividends).
This Topic includes the following Subtopics:
- a
Overall
- b
Financially Interrelated Entities
- c
Split-Interest Agreements
- d
Presentation of Financial Statements
- e
Balance Sheet
- f
Income Statement
- g
Statement of Cash Flows
- h
Receivables
- i
Investments—Debt Securities
- ii
Investments—Equity Securities
- j
Investments—Other
- k
Property, Plant, and Equipment
- l
Liabilities
- m
Contingencies
- n
Revenue Recognition—Contributions
- o
Compensation—Retirement Benefits
- p
Other Expenses
- pp
Business Combinations (Mergers and Acquisitions)
- q
Consolidation.
The Overall Subtopic provides guidance on the scope of this Topic as well as relationships to other Topics in the Codification.
The Subtopics within the Not-for-Profit Entities Topic only provide incremental industry-specific guidance for the entities defined in this Scope Section, or as further defined in the Scope Sections of the individual Not-for-Profit Entities Subtopics. Entities within the scope of this Topic shall also comply with the applicable guidance not included in this Topic.
Certain Subtopics within Subtopic 958-605 on revenue recognition also apply to business entities. Those Subtopics will be specifically identified in their Scope Sections.The guidance in this Topic applies to the following nongovernmental NFPs:
- a
Cemetery organizations
- b
Civic and community organizations
- c
Colleges and universities
- d
Elementary and secondary schools
- e
Federated fundraising organizations
- f
Fraternal organizations
- g
Health care entities (see also Topic
954)
- h
Labor unions
- i
Libraries
- j
Museums
- k
Other cultural organizations
- l
Performing arts organizations
- m
Political parties
- n
Political action committees
- o
Private and community foundations
- p
Professional associations
- q
Public broadcasting stations
- r
Religious organizations
- s
Research and scientific organizations
- t
Social and country clubs
- u
Trade associations
- v
Voluntary health and welfare entities
- w
Zoological and botanical societies.
Additionally, the guidance in this Topic applies to all entities that meet the definition of an NFP, regardless of whether they are included in this list. The Internal Revenue Service determines whether an entity qualifies for exemption from federal income tax. For example, an entity may meet the definition of an NFP, but may nevertheless not be tax-exempt under the Internal Revenue Code because it has violated the rules applicable to tax-exempt organizations.
When applying the guidance in other Topics and Subtopics, NFPs shall follow that guidance in an analogous manner that is appropriate for their method of reporting financial performance and financial position (the reporting model defined in this Topic). NFPs shall consider the reporting objectives of the guidance when exercising judgment about how best to display elements, such as in which net asset class.
For additional standards that apply to
not-for-profit entities (NFPs) that are not-for-profit, business-oriented health care entities, see Topic
954.
Paragraph superseded on 1/31/2020 after the end of the transition period stated in Accounting Standards Update No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.
Paragraph superseded on 08/19/2021 after the end of the transition period stated in Accounting Standards Update No. 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.
Paragraph superseded on 08/19/2021 after the end of the transition period stated in Accounting Standards Update No. 2019-03, Not-for-Profit Entities (Topic 958): Updating the Definition of Collections.
Paragraph superseded on 09/24/2024 after the end of the transition period stated in Accounting Standards Update No. 2020-07, Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets.