Countless articles have been written about undertaking the transition from the for-profit sector to the nonprofit sector, but few have focused on the accounting profession.…
In 2016, FASB issued ASU 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, effective for fiscal years beginning after December 15, 2017. The standard is…
On the timeline of financial accounting history, 2018 may well be the “year of the nonprofits.” Accountants and auditors began applying FASB Accounting Standards Update…
Functional Expenses by Nature and the Overhead Debate
Crafting an Alternative Approach to ASU 2016-14
FASB ASU 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, is in full effect with the close of the December 31, 2018, fiscal year. As implementation progresses,…
Attest services rendered to not-for-profit (NFP) entities provide assurance to stakeholders as to the quality of the financial condition, results of operations, and internal controls…
While the overall responsibilities of a nonprofit director have remained the same over the years, the increasing complexity of the business environment makes fulfilling those…
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…
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…
The advantages of evidence-based decision making are clear, but there are several reasons why data-driven decision making is a relatively new concept for many notfor-profit…
Much has been written over the past several years, and especially in the last few months, about the evolving role of the CFO in the…
Top Challenges Facing Not-For-Profit CFOs Today
Revisiting the Toughest Challenges
In April 2017, the authors wrote “Top Challenges Facing Not-For-Profit CFOs Today.” The intent of the article was to affirm how complex and diverse the…
ICYMI | Preparing the Statement of Cash Flows Using the Direct Method
Illustrating a Simpler Approach
FASB's Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, removes the requirement that not-for-profit (NFP) entities that choose to prepare the…
ICYMI | Implementing ASU 2016-14 on the Presentation of Not-for-Profit Financial Statements
Changes Aim to Provide More Relevant Information and Perspective
FASB's Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, contains changes in reporting requirements that will significantly affect how nonprofits communicate…
In 2016, FASB issued ASU 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, effective for fiscal years beginning after December 15, 2017. The standard is…
Much has been written over the past several years, and especially in the last few months, about the evolving role of the CFO in the…
A recent CPA Journal article “Assisting Individuals with Charitable Legacies” (Sidney Kess and Edward Mendlowitz, April 2016, http://bit.ly/2nmSxfx) describes different ways donors may structure bequests.…
People today live with more uncertainty than in the past. To some extent, this is because new technology and vehicles of communication, not to mention…
When FASB issued Accounting Standards Update 2016-14, Presentation of Financial Statements for Not-for-Profit Entities (Topic 958), it stated that prior standards “could be improved to…
In Brief FASB's new revenue recognition standard will become effective for most not-for-profit (NFP) entities in 2019. Although this date may seem distant, the new…
Preparing the Statement of Cash Flows Using the Direct Method
Illustrating a Simpler Approach
FASB's Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, removes the requirement that not-for-profit (NFP) entities that choose to prepare the…
People today live with more uncertainty than in the past. To some extent, this is because new technology and vehicles of communication, not to mention…