NOT-FOR-PROFIT ACCOUNTING PRINCIPLES AND REPORTING PRACTICES in .NET framework

Create QR in .NET framework NOT-FOR-PROFIT ACCOUNTING PRINCIPLES AND REPORTING PRACTICES
352 NOT-FOR-PROFIT ACCOUNTING PRINCIPLES AND REPORTING PRACTICES
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The principal advantage of this approach is that it conforms with GAAP and permits an auditor to express an unquali ed opinion on an organization s nancial statements It also documents the amount of assets the organization controls, permitting evaluation of management performance, and allows the organization to follow depreciation accounting The major disadvantage of capitalization is that it renders nancial statements more complex An unsophisticated statement reader may conclude that an organization has more funds available for current spending than it actually has A third alternative is to immediately write off xed asset purchases on the statement of income and expenses and then capitalize these assets on the balance sheet This method permits an organization to report expenditures for xed asset purchases on the statement of income and expenses, thus offsetting any excess of income over expenses that may have been caused by contributions received for xed assets on its balance sheet However, this approach is very confusing, is inconsistent with other accounting conventions, does not permit depreciation accounting in a traditional sense, and does not constitute GAAP Accordingly, the use of this approach is strongly discouraged (i) Fixed Assets Where Title May Revert to Grantors Some organizations purchase or receive xed assets under research or similar grants which provide that, at the completion of the grant period, the right of possession of these xed assets technically reverts to the grantor If the grantor is not expected to ask for their return, a xed asset, whether purchased or donated, should be recorded as an asset and depreciated as with any other asset (g) DEPRECIATION Depreciation has been as thorny a problem for not-for-pro t organizations as the problem of xed assets If an organization capitalizes xed assets, it is immediately confronted with the question of whether it should depreciate them: that is, allocate the cost over the estimated useful life of the assets Depreciation accounting is now a generally accepted practice for most not-for-pro t organizations, and since 1990, it constitutes GAAP for all not-for-pro t organizations (Prior to that year it was optional for colleges) SFAS No 93, Recognition of Depreciation by Not-for-Pro t Organizations, requires not-for-pro t organizations to record depreciation on xed assets Many arguments in favor of recording depreciation, such as the following, are valid for not-for-pro t organizations:
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Depreciation is a cost of operations Organizations cannot accurately measure the cost of
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providing a product or service or determine a fair price without including this cost component
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Most organizations replace at least some xed assets out of recurring income If depreciation
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is not recorded, an organization may think that its income is suf cient to cover costs when, in reality, it is not If depreciation is not recorded, income may uctuate widely from year to year, depending on the timing of asset replacement and the replacement cost of assets Organizations that are reimbursed by a government agency for the sale of goods or services must depreciate xed assets if they wish to recapture all costs incurred Some not-for-pro t organizations pay federal income tax on unrelated business income Depreciation should be reported as an expense to reduce income subject to tax Depreciation is computed in the same manner as that used by commercial enterprises Depreciation is reported as an item of expense on the statement of income and expenses, and accumulated depreciation is reported under the xed assets caption on the balance sheet If xed asset purchases are capitalized but not written down through regular depreciation charges in the statement of income and expenses, it may be necessary to periodically write down their carrying value so that the balance sheet is not overstated The preferred method of achieving this is to report the write-down as an expense on the statement of income and expenses and to reduce the asset value on the balance sheet
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