CPAs and other accounting and finance professionals are often asked to sit on the boards of not-for-profit (NFP) organizations. The volunteer, unpaid status of NFP…
Nonprofit Liquidity
Better Financial Storytelling under ASU 2016-14
Having implemented Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, many nonprofits are beginning to expand their understanding of liquidity and sharpen…
FASB News Webinar on Big Three, Covid-19 Issues for Private Companies and Nonprofits FASB said it plans to hold a webinar on June 15 dedicated…
In Brief Not-for-profit organizations receive financial donations as a matter of course, but the accounting for that revenue depends on whether the transaction is classified…
Employee-paid Business Expenses
Is an Accountable Plan the Answer?
Under a provision of the Tax Cuts and Jobs Act of 2017 (TCJA) that has received little media attention, many workers have lost a substantial…
How ASU 2018-12 Affects the Timing of Earnings Emergence
The Potential Impact for the Insurance Industry
The insurance industry deals in the unknown. Insurance companies provide their customers with protection from future events—some foreseeable, many unexpected. They employ actuaries who design…
Recent months have proved challenging, if not exhausting, for professionals in the state and local tax compliance arena, for several reasons that have been well…
The New Exemption from Required Information Reporting
Revenue Procedure 2020-17 Provides Relief for Certain Tax-Favored Foreign Trusts
In March 2020, the IRS announced an exemption to the information reporting requirements applicable to foreign trusts. Under this exemption, qualified individuals no longer need…
Becoming a Data-Driven Decision Making Organization
Seven Challenges Facing Not-for-Profits
In Brief: As the data revolution continues to change every facet of society, for-profit companies are realizing significant benefits from adopting data-driven decision making strategies…
Financial accountants and auditors who assist nonprofit organizations have been busy applying and educating nonprofit management about FASB Accounting Standards Update (ASU) 2016-14, Presentation of…
Preparing Tax Returns for Inmates
Considering Practitioners’ Perspectives
As Benjamin Franklin noted, the truths of life include death and taxes. No one is exempt, not even prisoners. The United States is known for…
FASB News Golden Outlines Board’s Standards Setting Plans Prior to Departure FASB Chairman Russell Golden said the board will determine whether to finalize a proposal…
In Brief: Nonprofit organizations may not have to maximize profits in order to satisfy the expectations of shareholders, but they still must remain financially healthy…
These are extraordinary times with extraordinary challenges. We fear for our safety and the safety of those we love, for the stability of our country…
PPP Payback Deadline May Have Unintended Consequences
CPAs Should Revisit Advice Given to Clients
To supplement its Payroll Protection Program (PPP) Rules, the Small Business Administration (SBA) regularly issues PPP frequently asked questions (FAQ) in numerical order, easily found…
U.S. Treasury Yield Curve The financial turmoil caused by the coronavirus (COVID-19) pandemic extended into the bond market, as investors drove yields down and raised…
FASB News National Defense Group Urges FASB to Extend Delay on Revenue Accounting Rules The defense sector has asked FASB to extend a proposed delay…
In Brief Key performance indicators (KPI), long familiar to corporate managers, are increasingly being used by financial managers at notfor-profit organizations to measure the effectiveness…
With COVID-19 disrupting global supply chains and sales, businesses are losing income and incurring additional expenses as a result of the disruption. There likely will…
In Brief The need for accounting standards for government entities has been long recognized, but the road to establishing the right body to set such…
On April 8, 2020, FASB and its staff met to discuss various issues relating to the implications of the coronavirus (COVID-19) pandemic on certain FASB…
Effective for fiscal years beginning January 1, 2020, a new approach for accounting and reporting leases will be required for state and local governments under…
The Coronavirus Aid, Relief, and Economic Security (CARES) Act (H.R. 748), signed into law on March 27, 2020, is a $2.2 trillion package enacted to…
The coronavirus (COVID-19) pandemic has not only upended the economy; it has also been the catalyst for several tax changes. The Families First Coronavirus Response…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
The Setting Every Community Up for Retirement Enhancement (SECURE) Act, signed into law by President Trump on December 20, 2019, as part of funding legislation…
FASB News Private Companies Seeking Clarity around Coronavirus-Related Disclosure Requirements Private companies are seeking FASB or AICPA interpretative guidelines on the appropriate level of disclosures…
The AICPA Code of Professional Conduct proclaims that its members should serve the public interest, defined as “the collective well-being of the community” (Section 0.300.030, https://pub.aicpa.org/codeofconduct/Ethics.aspx#).…
U.S. Treasury Yield Curve The U.S. Treasury yield curve is inverted from 30 days to 3 years, reflecting the fear of an economic slowdown due…
In PricewaterhouseCoopers's 2018 Global Economic Crime and Fraud Survey, fraud is identified as “the biggest competitor you didn't know you had,” which is an interesting way of…