Today (04/22/15) FASB issued a proposed Accounting Standards Update intended to improve existing standards for financial statement presentation for Nonprofit Organizations. A summary of the changes is provided, as well as, the full proposed
School has officially started across the country, and it looks like students won’t be the only ones who will be graded out of 100 points this year. Charity Navigator, a nonprofit organization that evaluates charities in the United States and compares them to charities with similar causes, recently changed their rating system from a 70-point scale to a 100-point scale.
In April 2013, the FASB issued Accounting Standards Update (ASU) 2013-06, Not-for-Profit Entities: (Topic 958): Services Received from Personnel of an Affiliate.
Many nonprofits who sponsor ERISA 403(b) plans are not aware that they need an audit, because counting participants involves much more than knowing how many full-time employees the organization has or how many account balances are in the plan.
In a time when nonprofit organizations are facing higher demand for their services with fewer financial resources available to them, maintaining compliance with the ever-changing landscape of regulatory requirements is becoming increasingly difficult.
As you walk out the door on a Friday afternoon and the heat and humidity greet you, it is clear that summer has arrived.
There is a saying that whether we like it or not things must change and this year the format of audit reports are changing as a result of the AICPA’s Auditing Standards Board Clarity Project.
A wise philosopher once said, “If it looks like a duck, swims like a duck, and quacks like a duck, then it is probably a duck.” This keen form of inductive reasoning may have led to a not-so-widely known accounting standard update in 2012.
Calvin Coolidge, the 30th President of the United States, once said, “The business of America is business.”
Q. 1 – True or False: It is a best practice for a nonprofit organization to change auditors every 3 years. Q. 2 – True or False: A thorough understanding of a nonprofit organization’s accounting practices […]