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.
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.