SOC 2 Changes & What This Means to You
Whether you are pursuing your first SOC 2 or have been completing these audits for years, new changes to the framework take effect for any audits ending after December 15, 2018. In this brief webinar, we addressed these changes and explained the impact it will have on your upcoming audits.
Implementing ASU 2016-14: Not-for-Profit Financial Statements
This session provided attendees with practical guidance for not-for-profit organizations implementing Accounting Standards Update (ASU) 2016-14. Topics discussed included the changes in regulation, practical considerations before implementation, and challenges we expect all to encounter. Five primary areas of focus included net asset classification, endowment disclosures, liquidity and availability of resources, expenses, and investment return.
Revenue Recognition – Transition Methods
Now is the time. ASC 606 is effective for private entities on January 1st of next year. If you’re like many, you might feel behind. However, there is still time to catch-up and minimize the chances of any disruptions or unwanted surprises. One of the first decisions you’ll have to make is what transition method you’ll choose. ASC 606 allows entities to make a choice between full retrospective and modified retrospective, commonly called the cumulative adjustment method.
Not-for-Profit Tax Update
Attendees were provided with up-to-date information on the latest developments affecting nonprofit organizations from a tax perspective. In addition to covering all the changes affecting not-for-profits (“NFPs”) brought about by the Tax Cuts and Jobs Act (“TCJA”), the presenters highlighted the subsequent guidance received as well as discussed how the industry is responding and adapting to the new rules.
How Technology Businesses Will Survive the New Nexus Standards
Technology companies need to understand the impact the Wayfair ruling has on their businesses. New economic nexus and reporting requirements are complicating the already murky waters regarding the taxability of these services.