Nonprofit Accounting Basics

Audit

5 Steps to Make an Audit Easier

Originally Posted: February 28, 2022

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

Accounting for Uncertain Tax Positions: A Requirement for Nonprofit Financial Statements

Originally Posted: December 28, 2010

FIN 48, Accounting for Uncertain Tax Positions (now codified as ASC 740-10) was made a requirement for any entity with financial statements prepared in accordance with generally accepted acc

Auditor’s Reports Will Soon Look Different

Originally Posted: November 11, 2021

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

Key Considerations for Audit/ Finance Committee Review for Form 990

Originally Posted: October 8, 2012

With the transparency and public availability of the “new” Form 990, review of the Form 990 by audit or finance committees (and sometimes the entire governing body) has become a best practice adopt

Post-Fieldwork Considerations for Audits

Originally Posted: March 22, 2012

There are essentially three stages to every audit – planning/pre-fieldwork, fieldwork, and post-fieldwork/wrap-up.

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

Originally Posted: December 30, 2021

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

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