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.

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.

Availability and Liquidity Disclosure

Originally Posted: July 5, 2022

With the existing Liquidity and Availability disclosures required for non-profit organizations, there is certain qualitative and quantitative information that should be disclosed.

Changes to Fair Value Disclosure requirements - What You Need to Know

Originally Posted: November 14, 2022

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

Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement

Originally Posted: June 2, 2020

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

Getting Financial Reporting Right: A Guide for Federal Award Recipients

Originally Posted: June 6, 2023

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.

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.

Updated Management Responsibilities Under SAS 136 (for Retirement Plans)

Originally Posted: July 18, 2022

The implementation of SAS 136 is finally here.

What You Need to Know About the 2022 Compliance Supplement

Originally Posted: October 3, 2022

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

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