The Office of Management and Budget (OMB) updated and revised guidance for federal financial assistance, including revisions to 2 CFR Part 200 Uniform Administrative Requirements, Cost Principles, and
With the existing Liquidity and Availability disclosures required for non-profit organizations, there is certain qualitative and quantitative information that should be disclosed.
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
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
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
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.
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.
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.
In light of recent U.S. government actions, nonprofit organizations are facing significant challenges due to a temporary halt on federal financial assistance, including grants and loans.
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
