Posted on October 4, 2019
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...
Posted on August 26, 2019
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...
Posted on June 20, 2019
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...
Posted on March 18, 2019
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...
Posted on October 1, 2018
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...
Posted on April 11, 2018
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)...
Posted on March 8, 2018
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...
Posted on March 7, 2017
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...
Posted on July 7, 2016
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...