If not-for-profit GAAP does not address an issue, what other sources of guidance should be used?

Under what circumstances should these sources be considered?

Well, if GAAP doesn't have an answer, you'll have to call in the big guns - the Financial Accounting Standards Board (FASB). They're the ones who create and update GAAP, so they're a good place to turn to for additional guidance.

In terms of when you should consider these sources, I'd say it's important to use them when you find yourself in an accounting predicament that GAAP just can't seem to solve. Like when you're trying to figure out how to record a transaction that's just too wacky for standard accounting rules. Or when you're dealing with some fancy new financial instrument that's not covered in the old GAAP books.

Basically, if your situation is a little out of the ordinary or if you need some extra guidance, that's when you'll want to turn to these other sources. Just don't abuse their powers, okay? They're here to help, not do your accounting homework for you.

If not-for-profit GAAP (Generally Accepted Accounting Principles) does not address an issue, there are a few other sources of guidance that should be considered:

1. FASB Accounting Standards Codification (ASC): The Financial Accounting Standards Board (FASB) ASC provides guidance for for-profit entities, but it often serves as a helpful resource for not-for-profit organizations as well. It covers a wide range of accounting topics that may be relevant in certain situations.

2. AICPA Practice Aids: The American Institute of Certified Public Accountants (AICPA) provides practice aids specifically designed for not-for-profit organizations. These resources offer guidance on various accounting and auditing topics that are specific to the not-for-profit sector.

3. Other authoritative literature: Depending on the particular issue, other authoritative literature may be relevant. This could include IRS regulations, guidance from other standard-setting bodies, industry-specific guidance, or academic literature.

These sources should be considered under the following circumstances:

1. Lack of specific guidance: If there is no specific guidance within not-for-profit GAAP addressing a particular issue, other sources should be consulted to find relevant guidance.

2. Similar situations: If there is a similar situation that has been addressed by other standard-setting bodies or industries, it may be beneficial to look for guidance in those areas.

3. Professional judgment: In instances where there is no clear guidance, professional judgment becomes crucial. Using other sources of guidance can help inform that judgment and ensure compliance with applicable accounting principles.

It is important to note that when using alternative sources of guidance, it is essential to consider the specific circumstances and adapt the guidance to fit the unique characteristics and needs of not-for-profit organizations.

If not-for-profit GAAP (Generally Accepted Accounting Principles) does not provide guidance on a specific issue, there are other sources of guidance that can be considered. These sources include:

1. Financial Accounting Standards Board (FASB) - FASB sets accounting standards for public and private companies, including not-for-profit organizations. If there is no specific guidance in not-for-profit GAAP, referring to FASB standards can provide additional insights.

2. Governmental Accounting Standards Board (GASB) - GASB establishes accounting and financial reporting standards for state and local governments, including certain not-for-profit organizations such as universities and hospitals that receive significant governmental funding. If a not-for-profit organization falls under GASB jurisdiction, referring to their standards may be appropriate.

3. Internal Revenue Service (IRS) guidelines - The IRS provides tax-related guidance for not-for-profit organizations, including rules related to filing Form 990, which is the annual information return for tax-exempt organizations. If the issue is related to tax treatment or reporting, consulting IRS guidelines can be helpful.

4. Industry-specific guidance - Certain industries have specialized accounting practices that are not covered by general not-for-profit GAAP. In such cases, industry-specific guidance can be considered. For example, healthcare organizations can refer to guidelines issued by the Healthcare Financial Management Association (HFMA) for specific accounting and reporting issues.

These sources should be considered when not-for-profit GAAP does not provide explicit guidance or when the issue at hand falls outside the scope of not-for-profit GAAP's coverage. It is important to assess the relevance and applicability of these sources based on the specific circumstances and characteristics of the organization. Consulting with subject matter experts, such as accountants or industry professionals, can also provide valuable insights when determining the appropriate source of guidance.