Section 1: 30–40%1B4
Notes to the Financial Statements (NFP)
NFP notes have several unique required disclosures beyond what for-profit entities include. The exam focuses on liquidity disclosures, functional expense matrices, underwater endowments, and concentrations of revenue — all added or enhanced by ASU 2016-14.
What AICPA Wants You to Know
- 1Describe the unique NFP disclosures required by ASU 2016-14
- 2Explain the liquidity and availability of resources disclosure
- 3Identify the required content of the functional expense matrix note
- 4Apply the underwater endowment disclosure requirements