Matthew Hutt
Nonprofit Financial Statement Project/ASU Update – FASB Announces Transition Method and Effective Dates
The Financial Accounting Standards Board (FASB) reached much anticipated decisions regarding the transition and effective date for its Nonprofit Financial Statements Project, as of their most recent Board Meeting (3/30/16). The proposed Accounting Standards Update (ASU) would affect substantially all nonprofits as well as creditors, donors, grantors, and others that use their financial statements. Details […]
FASB Decisions Regarding NFP Financial Statements Project from March 2 Meeting
The Financial Accounting Standards Board (FASB) continued its Phase 1 deliberations at its March 2nd, 2016 Board Meeting on the proposed FASB Accounting Standards Update (ASU), Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954): Presentation of Financial Statements of Not-for-Profit Entities. Significant Decisions Made at the Board’s March 2016 Meeting: The proposed ASU would […]
Extensions Apply for FQHCs as New Cost Report Form Still in Review with OMB
AAFCPAs would like to make clients aware that, as of March 11, 2016, the new Federally Qualified Health Centers (FQHCs) Cost Report Form 224-14 had not been finalized and is reportedly still in review by the Federal Office of Management and Budget (OMB). It is reported that the Centers for Medicare & Medicaid Services (CMS) […]
Medicare PPS Base Rate for 2016
As a reminder, on January 1, 2016, Medicare increased the Prospective Payment System (PPS) base payment rate from $158.85 to $160.60. The PPS base payment rate is effective for the calendar year 2016 and reflects a 1.1% increase from the calendar year 2015 rate. The rate was updated to reflect inflation, and the increase is […]
AAFCPAs’ Update on Decisions Reached in FASB NFP Financial Statements Project
The Financial Accounting Standards Board (FASB) continued its Phase 1 deliberations at its February 3, 2016 Board Meeting on the proposed FASB Accounting Standards Update (ASU), Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954): Presentation of Financial Statements of Not-for-Profit Entities. Significant Decisions Made at the Board’s February 2016 Meeting: The proposed ASU […]
FASB’s Technical Agenda for NFP Financial Statements Project Organized in Two Phases
AAFCPAs would like to make you aware of the two phases that comprise the technical agenda for FASB’s Nonprofit Financial Statement Project. On April 22, 2015, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) entitled Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954): Presentation of Financial Statements of […]
AAFCPAs’ Update on Decisions Reached in FASB NFP Financial Statements Project
The Financial Accounting Standards Board (FASB) is evaluating 263 comment letters, including feedback from AAFCPAs, as part of their invitation to stakeholders for review and input on the proposed Accounting Standards Update (ASU) entitled Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954): Presentation of Financial Statements of Not-for-Profit Entities. As part of its […]
Filing Deadline for Data Collections Forms Extended
The Federal Audit Clearinghouse (FAC) website continues to be temporarily offline for maintenance due to an ongoing security investigation. Extended due dates for federal audits due between July 22 and December 30, 2015, are now December 31, 2015. Nonprofit organizations that file an audit performed under OMB Circular A-133, and fall within the previously mentioned due […]
AAFCPAs to Present CITC Information Session for the benefit of taxpayers and CDCs
AAFCPAs Partner Matt Hutt, CPA, CGMA, and AAFCPAs Manager Matt Troiano, CPA, in collaboration with AAFCPAs’ client Somerville Community Corporation, will present a Community Investment Tax Credit (CITC) information session on October 20 in Medford, MA. The CITC was established as a way to incentivize Commonwealth residents to invest in community development corporations (CDCs), especially […]