Month: May 2022

New Audit Report

For nonprofit organizations, a board of directors is responsible for ensuring the organization upholds its mission, safeguards its assets, and operates in the public interest. While there are many legal, practical, and ethical reasons for a nonprofit to have a board of directors, the common theme is that it sets the foundation for good governance.

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Companies that engage in research and development (R&D) activities are facing major changes in the deductibility of these expenses. Historically, the costs incurred for R&D activities was immediately deductible. Beginning January 1, 2022, costs incurred for R&D activities will have to be capitalized and amortized over 5 years for research activities performed in the U.S. and 15 years for those performed outside the U.S.

nonfinancial assets

Nonprofit organizations should prepare to provide additional information on the contributions of nonfinancial assets under ASU 2020-07. This accounting standard was issued by the FASB in September 2020 with the intent to increase transparency and reduce diversity in practice in the presentation and disclosures about types of nonfinancial assets received, how they are measured, and how they are used by the organization.

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nonprofit audit

Spending the time to prepare in advance for your nonprofit audit will save time and money. In this post, we discuss ways you can prepare and how it will create a smoother audit process, reduce the time burden placed on staff, and help your organization reap the benefits of an independent, financial audit.

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