(cross-post from Nonprofit Update.)
The 7-26-12 edition of CPA Letter Daily says a working draft is expected soon:
The AICPA’s Financial Reporting Executive Committee is expected to issue a working draft of the accounting content of a proposed Audit and Accounting Guide, Not-for-Profit Entities, on Aug. 15
If you work in the financial area of the NPO world, this would be something to watch for. The revised guide has been in development for a number of years.