Category: Audit & Assurance
Reminder: Two New Accounting Standard Updates Take Effect
December 28, 2022
As the end of year approaches, we want to remind organizations of two new accounting standard updates that are effective for calendar year 2022. Leases (Topic 842) – ASU 2016-02 … Continued
SAS No. 134 – Your Audit Report is Changing
August 30, 2021
In May 2019, the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) issued Statement on Auditing Standards (SAS) No. 134, Auditor Reporting and Amendments, including … Continued
Capitalization Policy for Nonprofits
June 29, 2021
Nonprofit organizations have two options when purchasing assets with a useful life of greater than one year: expense or capitalize. Assets which are capitalized are referred to as fixed assets … Continued
New Presentation and Disclosure Requirements for Gift-In-Kind (ASU 2020-07)
June 22, 2021
In September 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07: Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. The purpose of this ASU … Continued
Single Audit Submission Extension
April 16, 2021
In March of 2020, we discussed M-20-17, Administrative Relief for Recipients and Applicants of Federal Financial Assistance Directly Impacted by the Novel Coronavirus (COVID-19) due to Loss of Operations in … Continued
FASB Votes to Postpone Revenue Recognition & Leases Standards
May 21, 2020
On May 20, 2020, FASB voted to extend by one year the effective date of its revenue recognition standard (FASB ASC Topic 606, Revenue From Contracts With Customers) to all … Continued
GAQC Alert: PPP Loans Will Not Be Subject to Uniform Guidance Single Audit Requirements
May 07, 2020
On May 5, 2020, the Governmental Audit Quality Center (GAQC) issued GAQC Alert No. 404 which provides important governmental auditing updates related to COVID-19. GAQC Alert No. 404 included the … Continued
ASU 2016-14 – Liquidity and Availability of Resources
May 28, 2019
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 nonprofit financial statements. ASU 2016-14 … Continued