Lease Accounting Changes- Nonprofit CPA Firm

Preparing for Lease Accounting Changes

In February of this year the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases, a 485 page document that made significant changes to how leases will be accounted for by both lessees and lessors.

IRS Form 1023-EZ

Form 1023-EZ First Year Report

In June 2014 I wrote a blog entitled Applying for Tax Exemption Just Got “EZ”er which described the IRS’s implementation of Form 1023-EZ.

Nonprofit CPA Firm

Nonprofit Omission Errors

A study performed by Jeffrey J. Burks and reported in “Accounting Errors in Nonprofit Organizations” Accounting Horizons 2015, analyzed 5,511 audited financial statements from 2006 to 2010, obtained from Guidestar.org, the world’s largest source of information on nonprofit organizations, and discovered an error rate 60% higher than that of publicly traded companies. Burks discovered that the error rate was negatively correlated with the size of the nonprofit’s audit firm.

Grant in Aid Update - Nonprofit CPA Firm

Delaware Grant-in-Aid Update

With recent and upcoming changes in Delaware grant-in-aid, it may be helpful for nonprofits to re-familiarize themselves with House Bill No. 230, commonly referred to as the Fiscal Year Ending June 30, 2016 Grant-in-Aid Bill, and begin learning about anticipated changes to subsequent grant-in-aid bills.

AICPA Nonprofit Membership - Nonprofit CPA Firm

The AICPA Introduces the Nonprofit Membership Section

In an effort to better serve the nonprofit community, the AICPA’s governing Council voted to broaden Section membership requirements for non-CPA Associates. Those who have management or governance responsibilities with respect to a nonprofit, including those who serve as board members or as volunteers, are eligible to join the AICPA as a non-CPA Associate.

TE Program Letter - Nonprofit CPA Firm

The TE/GE FY 15 Program Letter

In December of 2014 the Commissioner of the Tax Exempt & Government Entities Division of the IRS (TE/GE), Sunita Lough, issued the TE/GE Program Letter for FY 2015.