Category: Non-Profit

identity theft

Due to several common factors—including a lack of internal controls, as well as less resources available for prevention and recovery—many nonprofit organizations are particularly vulnerable to fraud and identity theft.

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Recently, the IRS issued the 2021 annual inflation adjustments for many tax provisions, including several that pertain to nonprofit organizations. Let’s take a look at the adjustments that matter to you:

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Accounting standard updates for nonprofits

In 2020, the FASB issued a number of accounting standard updates (ASUs) that will impact nonprofit organizations. Below is our roundup of what nonprofit organizations need to know.

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Due to the effects the pandemic has had on organizations, auditors, accountants, and financial statement preparers need to brush up on the existing going concern requirements to be ready to address those situations. There will likely be few exceptions where organizations do not have some amount of doubt about events and conditions being present that could indicate a going concern problem.