AICPA Names Top Developments for Nonprofit CPAs
With nonprofit Certified Public Accountants still facing challenges stemming from the 2008 financial crisis, the American Institute of Certified Public Accountants (“AICPA”) has pinpointed significant developments that reflect such obstacles. At its Not-for-Profit Industry Conference last Thursday, the AICPA noted the following current happenings:
- The Financial Accounting Standards Board’s proposal that enhances financial reporting disclosures will be issued as an exposure draft later this year.
- Consistent organization policies on gifts and ethics must be implemented.
- Younger nonprofit donors need more details on where their contributions are being spent.
- To offer performance information, several nonprofits are testing quarterly earnings calls.
- The middle class continues to struggle in its recovery from the financial crisis.
- The impact of public perception of overhead rations causing nonprofits to be unable to meet their missions, also referred to as a “starvation cycle.”
To read the developments in depth, click here.