Partners Rose Doherty, CPA, and Paul Doetsch, CPA, CMA, attended the AICPA Not-For-Profit Industry Conference June 11-13, 2014 in Washington, DC. Nonprofit CPAs from around the country were in attendance to get the latest news and updates from industry experts and thought leaders.
Of interest at this year’s conference was the impending new FASB proposal, which will likely come out as an exposure draft to be released in the fall. It will probably include a reclassification of net assets.
The current environment of donor accountability was also discussed. Donors want more information on the NFPs that they support.
Fraud prevention was front and center again this year as various fraud cases were studied in-depth to identify tools and processes to assist in fraud mitigation and timely detection if fraud occurs.
New changes are coming for those who receive federal funding. The Office of Management and Budget (OMB) issued new grant guidance on December 26, 2013. This new guidance eliminates duplicative and conflicting information and is entitled Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Guidance highlights include:
Other interesting topics included:
Let us know if you have any questions or would like further information on any of the topics mentioned above.