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. Read More.
OMB Releases 2014 Compliance Supplement
Earlier this week, the U.S. Office of Management (“OMB”) issued its 2014 OMB Circular A-133 Compliance Supplement (“the Supplement”). Viewed as essential guidance for performing single audits, the Supplement recognizes important compliance requirements the government expects to be considered for auditing. The Supplement is also seen as a source for auditors to better understand federal program objectives, procedures and other valuable information. Effective for fiscal year audits beginning after June 30, 2013, some of the changes to this year’s Compliance Supplement include: Changes to the Matrix of Compliance Requirements, which was revised to add and remove programs for consistency purposes;. Read More.
House Republicans Lead Contempt Charge Against Lerner
With a 231-187 vote, the U.S. House of Representatives held former Internal Revenue Service (“IRS”) official Lois Lerner in contempt of Congress. Backed mostly by Republican officials, the contempt charge was due to Lerner exercising the Fifth Amendment to prevent self-incrimination during the investigation over the IRS’ targeting of conservative-based groups. Republicans, however, believe Lerner waived her right once she claimed innocence while appearing in front of the House Oversight Committee last year. Before the vote took place, Rep. Richard Nugent (R-FL) stated, “Mrs. Lerner made 17 separate factual assertions before invoking her right to remain silent. You can’t make. Read More.