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6’s definition of assets, it still requires a good deal of explanation. ” While this is not too far off from a GAAP perspective, there are several ideas in Statement 6’s definition that will make the simple definition more accurate. First, liabilities are measured at a point in time, which means, for financial statement purposes, as of the end of the not-forprofit organization’s fiscal year. To be a present obligation means that the obligation has actually been incurred as of the year-end to be reported on the statement of financial position as a liability, meaning it is the result of past transactions or events.

These are only examples—the “other” category can include a wide variety of receivables. If a particular receivable is significant, it should be included as a separate line on the statement of financial position. Alternatively, the details of the “other” category could be described in the notes to the financial statements if the financial statement preparer feels that including too many receivables in the “other” category obscures their nature. Inventories Inventories are most often associated with manufacturing and retail operations, rather than not-for-profit organizations.

These assets are then charged to expense either when time passes (in the case of prepaid expenses) or as the assets are sold or used by the organization (in the case of inventory). Similarly, property, plant, and equipment is originally recorded as an asset and then depreciated (except for land, which is not depreciated) using some systematic method. The depreciation calculated for each year is recorded as an expense of that period. As will be discussed in more detail in the next chapter on the key financial statements of a not-for-profit organization, there are two important classifications of expenses used by not-for-profit organizations: functional and natural.

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Accounting Equations and Answers by Speedy Publishing

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