When not-for-profits lose funding sources, default on loans or leave employees unpaid, board members can clearly see that they’re in financial crisis. Often, a board can avoid such disasters by noticing the signs of financial distress. By keeping an eye out for...
On August 15, 2019, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) that would grant private companies, non-for-profit organizations, and certain small public companies extra...
Preparing to implement the new Lease Accounting Standard - ASU 2016-02, Leases (Topic 842) The FASB’s lease accounting standard change, ASU 2016-02, Leases (Topic 842), presents dramatic changes to the balance sheets...
Most nonprofits are understandably laser-focused on their mission which can cause critical matters to fall between the cracks. But if the finance function doesn’t receive the attention it deserves, your...
Understanding the Requirements for Internal Control over Compliance of Federal Awards Internal control is a process effected by an entity’s oversight body, management, and other personnel that provides reasonable assurance...
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)...
The Tax Cuts and Jobs Act of 2017 significantly changed the landscape for everyone including nonprofit organizations. To help these organizations navigate the key provisions affecting nonprofits, we’ve highlighted three...
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...
by Johnson Olatunji, Audit Manager – McConnell & Jones LLP In April 2015, the Financial Accounting Standards Board (FASB) issued a Proposed Accounting Standards Update titled Presentation of Financial Statements...