Not-for-profit entities (NFPs), like SEC registrants and private companies, are a core constituency of the FASB. This chapter provides an overview of the accounting and reporting framework applicable to NFPs that apply FASB standards, including:
  • Which entities apply FASB’s specialized guidance for NFPs
  • Public/nonpublic distinctions for NFPs
  • The primary sources of guidance for NFPs
  • The framework for NFP financial reporting
Question NP 1-1 addresses the distinction between the terms “nonprofit” and “not-for-profit.”
Question NP 1-1
Do the terms “nonprofit” and “not-for-profit” have the same meaning?
PwC response
While certain nonprofit, legal, and academic circles make subtle distinctions between the terms, for accounting purposes they generally are used interchangeably.
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