Audit & Accounting

What to Know When Taking Federal Money The Office of Management and Budget (OMB) has streamlined its guidance on audit requirements for nonprofits that receive federal awards. Among other things, the revised rules reduce the burden on smaller nonprofits by increasing the threshold that triggers compliance audits from $500,000 to...

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...

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...

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...

-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...

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,...

- 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...

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...