In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-14 (ASU 2016-14) to make improvements to the communication of information on not-for-profit financial statements.
On June 21, 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-08: Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.
In early May 2018, the Internal Revenue Service (IRS) introduced a new tool called the Tax Exempt Organization Search.
Many people think that nonprofit organizations (NPOs) are immune to changes in regulations affecting income tax.
Most government and nonprofit finance officers, executives, and board members are very familiar with the annual accounting or audit services they receive from their CPA firm (practitioner).
There are more than 25 types of tax-exempt organizations classified under 501(c) of the Internal Revenue Code.
The answer is…YES!
There has-been increased attention given to Other Post-Employment Benefits (OPEB) reporting by standard-setters, elected officials, and government accountants over the past few years.
“I welcome change, as long as nothing is altered or different.”
Every weekend I count on throwing away, recycling, or donating at least 10 items in my house.