Audit & Accounting

New Revenue Recognition – Time to Prepare Is Now

The deadline for implementing the new revenue recognition standard is as early as December 15, 2017 for public entities and December 15, 2018 for nonpublic entities. These deadlines may appear far away, but it’s critical to start preparing now. The new standard has the potential to impact organizations...

Rethinking Nonprofit Financial Reporting

The Financial Accounting Standards Board (FASB) has issued new accounting standards for nonprofit financial reporting. The update, Presentation of Financial Statements of Not-for-Profit Entities, is designed to help nonprofits present their financials in a way that tells their story more transparently. A Clearer Picture, Inside and Out Both internal...

FASB Proposes to Simplify the Classification of Debt

by Linda Marie Pearson, CPA, CFE On January 10, 2017, FASB issued an exposure draft to simplify the classification of debt in a classified balance sheet (current versus noncurrent). The amendments in this proposed Update will replace the current, fact-specific guidance with “an overarching, cohesive principle” – the...

FASB Focuses on Inventory Disclosures

-by Linda Marie Pearson, CPA, CFE, Principal On January 10, 2017, FASB issued an exposure draft to change the disclosure requirements of inventory. The proposed main provisions include required disclosures for: Disaggregating inventory by component (for example, raw materials, work-in-process, finished goods, and supplies). Note: While many companies...

Jason M. DaPonte Named Partner of Sansiveri

Sansiveri, Kimball & Co, LLP (Sansiveri) is pleased to announce that Jason M. DaPonte, CPA, CCIFP, CIT, has been named a partner of the firm. Jason has over 14 years of business and public accounting experience, providing advisory and auditing services to clients in industries including construction, manufacturing, wholesale,...

Restricted Cash & The Statement of Cash Flows

- by Linda Marie Pearson, CPA, CFE Financial Accounting Standards Board (FASB) has recently amended the FASB Accounting Standards Codification (ASC) related to the presentation of restricted cash on the statement of cash flows. FASB issued Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230) to...

Not-for-Profit Financial Reporting Guidance issued by FASB

By Linda Marie Pearson, CPA, CFE, Principal After 20 years, FASB has finally addressed expressed concerns about the complexity and limited usefulness of the current not-for-profit financial reporting model by issuing Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements for Not-for-Profit Entities. The ASU, which affects substantially...

Does Your Board Really Know the Numbers?

Nonprofit board members have a legal obligation to the organization's fiscal health. Yet, many struggle to fulfill their fiduciary duties related to budgeting, finance and oversight. The culprit is often a fundamental disconnect between the nonprofit and for-profit worlds. Where the Disconnect Occurs Unlike a for-profit business, no one...