Category: Financial Reporting

AICPA Recommendations for Small Business Accounting Method Changes
AICPA Seeks Clarification Re: Small Businesses Coping with Accounting Methods Changes

Under the Tax Cuts and Jobs Act, small business taxpayers – defined as those with…

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Revenue Recognition Readiness

On May 28, 2014, the Financial Accounting Standards Board (FASB) and the International Accounting Standards…

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Are You Prepared for Liquidity Disclosures?

o make nonprofit financial reporting more transparent, the Financial Accounting Standards Board (FASB) has published…

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What You Need to Know About Lease Accounting

In February 2016, the Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) No.…

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What Nonprofits Need to Know About Rev Rec

With ASC 606 – the Financial Accounting Standards Board’s (FASB) new revenue recognition standard –…

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FASB Issues Technical Corrections & Improvements to Its Recent Financial Instruments Guidance

The FASB issued ASU 2018-03[1] to address questions raised about its recent standard on financial instruments,…

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Pledge Receivables: The Accounting Isn’t As Simple As It Might Seem

It’s welcome news for a nonprofit when a donor promises to make a contribution at…

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Significant Accounting & Reporting Updates

The Financial Accounting Standards Board (FASB) recently posted a Q&A stating its staff would not…

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Non-GAAP Measures – A Roadmap for Audit Committees

A new tool issued by the Center for Audit Quality examines key themes emerging from…

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Reclassification of Certain Tax Effects Caused by Tax Reform
Reclassification of Certain Tax Effects Caused by Tax Reform

The FASB issued ASU 2018-02 to provide entities an option to reclassify certain “stranded tax effects”…

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