In August of 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-For-Profit (NFP) Entities. This amendment of the current standards is the culmination of a multi-year project that aims at improving the usefulness of NFP financial statements. This ASU substantially revises the financial statements for ... Read More ›
The AICPA reports, “Earlier this year, the IRS’s Exempt Organization and Government Entities Division (TE/GE) in its FY 2016 Priority Letter affirmed that it has moved to a data-driven decision-making process in determining examination plans.”
For more information on the AICPA’s analysis, click here.
Click here to read the FY 2016 Priority Letter.
Partners Rose Doherty, CPA, and Paul Doetsch, CPA, CMA, attended the AICPA Not-For-Profit Industry Conference from June 27–29, 2016 in Washington, DC. Nonprofit CPAs from around the country were in attendance to get the latest news and updates from industry leaders.
The Not-For-Profit Financial Statements Project was of keen interest. This Project includes updating but not ... Read More ›