Audit & Accounting

Changes to the Requirement for Consolidating VIEs

By Linda Marie Pearson, CPA, CFE, Principal FASB has just amended the FASB Accounting Standards Codification (ASC) related to the requirement for consolidating VIEs.  FASB issued Accounting Standards Update No. 2018-17, Consolidation (Topic 810) to communicate how the ASC was amended. Here is what you need to know about the...

Clarifying Donor Restrictions

Donor Restrictions

New Reporting of Net Assets Starting Soon New rules set to take effect for the fiscal year beginning after Dec. 15, 2017 (with early adoption permitted) will change the way nonprofits report and describe their net assets. These changes will reduce the number of net asset classes from three...

David Lieng Promoted to Supervisor

David Lieng

Sansiveri is pleased to announce the promotion of David Lieng, CPA to Supervisor. David will manage audits, reviews and compilation engagements.  He will also provide consulting services to clients in industries including manufacturing & distribution, construction and professional services. He will supervise the audit of employee benefit plans including...

How Can Audit Techniques Guides Prepare You for an Audit?

Audit Techniques Guides

IRS Audit Techniques Guides Provide Clues to What May Come Up if Your Business is Audited IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits — and so can small business owners. Many ATGs target specific industries, such as construction. Others address issues that frequently arise in...

The New Nonprofit Liquidity Disclosures

nonprofit liquidity disclosures

Accounting Standards Update 2016-14 “Liquidity worries haunt nonprofits,” intoned CFO Magazine in a 2009 headline. At that time, not-for-profit organizations were scaling back, and few were sitting on cash. This lack of liquidity worsened nonprofits’ financial straits during the recession and afterward. Hard times, in turn, made liquidity harder to...

FASB Improves Accounting Related to the Tax Cuts & Jobs Act

FASB Improves Accounting

The Financial Accounting Standards Board (FASB) addressed an accounting issue created by the Tax Cuts & Jobs Act by releasing FASB Accounting Standards Update (ASU) 2018-02, Income Statement – Reporting Comprehensive Income. This ASU addresses an accounting issue having been coined the name “the stranded tax effect” and is...

Help for Health Care Entities’ Financial Reporting Requirements

ASU 2016-17

For Health Care Entities structured as a not-for-profit organization, the AICPA has recently released guidance for implementing FASB Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities. The ASU 2016-14 significantly changes the way all not-for-profit organizations classify net assets and prepare financial statements and is...

Healthcare Organizations Need to Prepare for Revenue Recognition Changes

By Linda Marie Pearson, CPA, CFE The implementation of FASB’s Accounting Standards Update (ASU) No. 2014-09, Revenue From Contracts with Customers (Topic 606) will affect how healthcare organizations recognize revenues. The purpose of the change is to eliminate industry specific revenue recognition rules and establish a universal rule for...