You can use benchmarking – the process of comparing your practice’s data to that of other, similar practices – to create a roadmap for improving everything from your operations to your finances. In this article, we explain how it works. Read more
Recently, the AICPA Auditing Standards Board issued a suite of standards that effect the Auditor’s Report. It places the auditor’s opinion at the front of the audit report and strengthens the transparency of the auditor’s opinion, clarifies responsibilities, and otherwise strengthens the audit process.
Read moreIn response to the COVID-19 pandemic, governments have implemented a number of relief programs to help businesses and nonprofit organizations. In this article, we discuss key considerations when accounting for COVID-19 Relief Grants.
Read moreLast Fall, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) intended to improve transparency in the reporting of contributed nonfinancial assets, also known as gifts-in-kind, for not-for-profit organizations. Read the article to learn more about it.
Read moreAfter multiple delays ASC 842, which provides new guidance on leasing standards, is taking effect for private companies and nonprofits for fiscal years beginning after December 15, 2021. Earlier guidance allowed organizations to omit certain lease assets and liabilities from their balance sheet. ASC 842 was designed to close the loophole. Read our analysis to learn more.
Read more