Nonprofit Accounting Basics


5 Steps to Make an Audit Easier

Undergoing an audit, or any type of engagement, is a cumbersome process.

Auditor’s Reports Will Soon Look Different

Auditor’s reports will look different for audits of financial statements for periods ending on or after December 15, 2020.

Availability and Liquidity Disclosure

With the existing Liquidity and Availability disclosures required for non-profit organizations, there is certain qualitative and quantitative information that should be disclosed.

Changes to Fair Value Disclosure requirements - What You Need to Know

The FASB’s new guidance in ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, impacts the fair value d

Contributed Nonfinancial Assets Presentation and Disclosures

New disclosures are required upon implementation of Accounting Standard Update (ASU) 2020-07, which was issued by the Financial Accounting Standards Board (FASB) to increase transparency of contrib

Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement

As part of FASB’s ongoing initiative to improve the effectiveness of the notes to the financial statements, modifications were made to the fair value measurement disclosures.  On August 28, 20

Does Your Organization Own Collections?

To align its definition of “collections” with that used by the American Alliance of Museums, the FASB issued Accounting Standards Update (ASU) 

FASB ASU 2016-14: Liquidity - Organization Liquidity is More than Cash

The nonprofit financial statement format has a number of major areas affected by the new standard and the Liquidity is one of them.

Getting Financial Reporting Right: A Guide for Federal Award Recipients

Submitting reports on time and accurately is crucial for federal award recipients to maintain a good relationship with the awarding agency and secure ongoing funding.

Key Disclosures

A key component of all audited and reviewed financial statements are the footnotes. It is in the footnotes that key transactions are explained and other important information is disclosed.

Mastering Timekeeping and Compensation for Federal Awards: Key Requirements and Best Practices

Organizations employ various methods, ranging from Excel spreadsheets to sophisticated timekeeping software, to track and report employee time.

Presentation and Disclosure Requirements in ASU 2020-07 for Gifts-in-Kind

The Financial Accounting Standards Board (FASB) has issued an accounting standards update ASU No.

SAS No. 145 – what is changing

The AICPA Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement.

What You Need to Know About the 2022 Compliance Supplement

All non-federal government agencies and nonprofit organizations that expend $750,000 or more in direct federal awards and federal awards passed through state agencies in a given fiscal year are req

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