Financial Statement Audits
2022
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09.15
Guidance on Lease Standard for Independent Schools
What Lessees Need To Know In February 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) to increase transparency and comparability of lease transactions. Because of the significant changes contained in this ASU, though issued in 2016, the effective date for implementing the new accounting guidance was pushed to fiscal year 2023 for […]
2021
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12.07
Guidance on New Lease Accounting Standard
In 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) to increase transparency and comparability of lease transactions. AAFCPAs has summarized some of the most significant changes resulting from the new ASU for your convenience: AAFCPAs has provided a detailed Whitepaper providing guidance on the FASB’s new Lease standard so clients may proactively […]
2021
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10.20
Lease Accounting Standard Effective 1.1.22
Implementing the new lease standard is not just a one-time exercise. It requires changes to accounting processes and financial reporting controls. Accounting policy elections and practical expedients will affect the overall process and timeline—so AAFCPAs advises clients to assess them early. Effective implementation requires a thorough evaluation of resources and your organization should identify someone […]
2020
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04.06
Will Paycheck Protection Program Loans Be Subject to Uniform Guidance for Nonprofit Organizations?
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes many provisions that are applicable to nonprofit organizations. One of the provisions is the Paycheck Protection Program (PPP) Loans which provides 100% Federally guaranteed loans to covered entities who meet certain criteria. A consideration for nonprofit organizations is whether the loans will be subject […]
2020
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02.28
AAFCPAs’ Hui-Ting Grady, CPA, MBA Earns Advanced Single Audit Certificate
AAFCPAs Assurance Manager Hui-Ting Grady, CPA, MBA is now among an elite group of CPAs in the country who have earned the Advanced Single Audit Certificate from the American Institute of CPAs (AICPA)’s Governmental Audit Quality Center. This advance level certificate is designed for auditors with seven or more years of experience in performing and […]
2019
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05.17
AICPA Issues SAS No. 134 to Enhance Communicative Value of Auditors’ Reports
AAFCPAs would like to make our privately-held commercial clients and nonprofits aware that on May 08, the AICPA Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No. 134, designed to enhance the communicative value of the auditor’s report and align generally accepted auditing standards (GAAS) with the standards issued by the International Auditing […]
2018
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11.07
FASB Issues ASU 2018-17: Targeted Improvements to Related Party Guidance for Variable Interest Entities
AAFCPAs would like to make clients aware that the Financial Accounting Standards Board (FASB) on October 31, 2018, issued an Accounting Standards Update (ASU) that reduces the cost and complexity of financial reporting associated with consolidation of variable interest entities (VIEs). A VIE is an organization in which consolidation is not based on a majority […]
2018
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06.06
AAFCPAs Nonprofit Revenue Recognition Guidance Webinar Available OnDemand
AAFCPAs’ Matt Hutt, CPA, CGMA, Courtney McFarland, CPA, MSA and Emily Donnelly, CPA provide nonprofit finance executives with an understanding of how the new standards could impact revenue recognition and company policies, and what they should be doing now to prepare for adoption. This webinar was presented and recorded live, May 23rd, 2018 in AAFCPAs’ recording studio in […]
2018
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04.09
Webinar: AAFCPAs Revenue Recognition Guidance for Nonprofits
Join AAFCPAs on Wednesday, May 23rd from 12-1pm for a live, 1-hour revenue recognition implementation webinar! AAFCPAs’ Matt Hutt, CPA, CGMA, Courtney McFarland, CPA, MSA and Emily Donnelly, CPA will provide nonprofit finance executives with an understanding of how the new standards could impact revenue recognition and company policies, and what they should be doing now to prepare for […]
2018
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03.15
SAVE THE DATE: AAFCPAs to Share Valuable Revenue Recognition Guidance for Nonprofits
AAFCPAs will present two educational webinars, providing an overview of new Revenue Recognition standards for Commercial Businesses and Nonprofit Organizations. Attendees will gain an understanding of how the new standards could impact revenue recognition and company policies, and what they should be doing now to prepare for adoption. SAVE THE DATE! AAFCPAs Educational Webinar: Revenue […]