ASU 2016-14 | Summary of Changes to Not-for-Profit Financial Statements Are you ready for significant changes to the financial statements of nonprofit organizations? Overview: The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU)...
by Gosia Kanda One factor that creates risk for benefit plans is a lack of effective internal controls. As we prepare for another benefit plan audit season, now is the time for plan sponsors to review internal processes and make necessary improvements. Below are the...
by Eric Ernest The Internal Revenue Service (IRS) announced significant relief for the victims of Hurricane Harvey, which includes an extension for filing of Form 5500 series returns applicable to employee benefit plan reporting and compliance. Such returns that were...
By Gosia Kanda, CPA and Nadia Cruz, CPA Being able to serve clients with sound audit advice requires practitioners to first learn, understand and explain audit requirements and financial statement disclosures in plain English. Accounting Standard Updates (ASUs) issued...
By Johnson Olatunji, CPA The Financial Accounting Standards Board (FASB) has released Accounting Standards Update No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements for Not-for-Profit Entities. These changes present a radical shift...
by Minnie Cariaga and Ashley Garcia With more than 138,000 accounting firms in the United States, making sure you select a reliable auditor can be quite a task. There are several questions you should consider asking when evaluating your current audit firm or selecting...
by Marlon Williams, Partner Last week’s TASBOFestwas, by all measures, a success. Everyone will tell you that the event in Austin was well coordinated. I ,for one, enjoyed catching up with old friends and making new ones. Yes, becoming a regular presenter for TASBO...
by Gosia Kanda, CPA $3.4 trillion in Plan Assets and 55.7 Million Participants are at Risk due to Audit Deficiencies. According to the Employee Benefits Security Administration (EBSA) study on the quality of benefit plan audits performed, nearly four in ten audits...
by Sharjeel Ahsan Due to the increased use of electronic means to process financial transactions and store confidential information, cyber security has become a major area of concern for all organizations. Cyber threats have become more sophisticated and have moved...
by Ashley Garcia and Eric Wilson #1: Capital asset management, particularly pertaining to infrastructure, is becoming a wide-spread concern. Aging infrastructure assets are presenting challenges to many public entities throughout the United States. Although...