Senate Democrats Say Audit Excluded Analysis of Democrat-Backed Groups
After an audit by the Treasury Inspector General for Tax Administration last year discovered the Internal Revenue Service (“IRS”) was unfair in its scrutiny of Republican-backed Tea Party groups, a recent report by the Democratic arm of the Senate Permanent Subcommittee on Investigations (“the Subcommittee”) stated that Democrat-supported groups were given similar attention, but went ignored by the inspector general. Released last week, the report says the IRS mismanaged groups’ applications for nonprofit status, and last year’s audit did not mention the agency’s use of terms like “progressive” to label groups that leaned Democrat. While declining to participate in the. Read More.
FASB to Hold Meeting with Not-for-Profit Advisory Committee
As the first of two discussions this week, the Financial Accounting Standards Board (“Board”) will meet with the Not-for-Profit Advisory Committee (“the Advisory Committee”) today. Beginning at 8:30 a.m. EST, Board members plan to discuss with the Advisory Committee how to implement in the nonprofit sector Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), and the Board’s current project on financial statements of nonprofit entities. For additional information on the meeting agenda, visit the FASB website . Also visit our Nonprofits industry page for information on Cherry Bekaert’s services.
Not-for-Profit Advisory Committee to Meet with FASB on Thursday
Scheduled for Thursday, the Financial Accounting Standards Board (“FASB”) will hold its second meeting next week with the Not-for-Profit Advisory Committee (“the Advisory Committee”) from 10:00 a.m. to 5:30 p.m. As part of the meeting agenda, the FASB plans to discuss with the Advisory Committee its project on financial statements of nonprofit entities, as well as current trends, concerns and observations. All general sessions from the meeting will be open for public observation. In addition, the Advisory Committee will host a breakout group session at 11:00 a.m. and 2:30 p.m. Due to space limitations, the group discussions will not be. Read More.
FASB Announces Agenda for Board Meeting
With a board meeting set for tomorrow at 8:00 a.m. EST, the Financial Accounting Standards Board (“FASB”) has released a notice of open meetings: Insurance—targeted improvements to the accounting for long-duration contracts. FASB will discuss long-duration contracts improvements, particularly modifying assumptions and discount rate. Leases . Discussions will continue on FASB’s May 2013 Exposure Draft, specifically reviewing nonpublic business entity discount rate, related party leasing transactions, accounting for sale and leaseback transactions, and leveraged leases. Financial statements of not-for-profit entities . Ongoing discussions will continue over not-for-profit disclosures, such as cost allocations. Open discussion. If need be, FASB will discuss small issues on technical projects or. Read More.
FASB Proposes Additional Guidance to Cloud Service Providers on Customer Fees
Expected to simplify accounting for a customer’s fees paid in a cloud computing arrangement, Accounting Standards Update (ASU), Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement has been issued by the Financial Accounting Standards Board (“FASB”). The proposal is in response to the lack of accounting guidance for cloud service providers regarding the fees paid by a customer. Stakeholders claim this has resulted in confusion and unnecessary cost when accounting for such fees. The proposed guidance would help customers decide whether a cloud computing arrangement contains a software. Read More.
Writer Advises Nonprofits How to Connect with Audience
As part of his weekly series on using storytelling for social change, author and Working Narratives managing director Paul VanDeCarr recently responded to nonprofit staff-submitted questions regarding how their organizations can captivate an audience. Referencing the nonprofits’ websites, VanDeCarr advised that statements and timelines are not as effective as full narratives. Rather, an approach VanDeCarr suggests is sharing stories with an individual yet vulnerable protagonist, his or her objective, the obstacles faced and a defined ending. For more on VanDeCarr’s series, visit the Chronicle of Philanthropy website . Cherry Bekaert’s Nonprofits professionals can also provide guidance for any organization.