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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 Not-for-Profit Entities. This ASU is intended to improve existing standards for financial statement presentation by... continue reading

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 current Technical Plan, the FASB is deliberating these comments, and has separated the project into... continue reading

AAFCPAs to Present Educational Workshops on Fraud Prevention, Revenue Recognition at National Business Officers Conference in L.A. Benefiting Independent Schools

AAFCPAs has been selected to present complimentary educational workshops on two important topics at the National Business Officers Association’s 2016 Annual Meeting in Los Angeles on February 21-24th.  This is a must-attend conference for business officers and other independent school leaders, providing exceptional professional development programming and networking opportunities for over 1,000 independent school professionals from across the country. Conducting a Fraud Risk Assessment and Developing Your Fraud Risk Management... continue reading

FASB Issues Standards for Recognition and Measurement of Financial Assets and Liabilities

AAFCPAs wants to alert you to this change from the Financial Accounting Standards Board (FASB).  In their effort to provide users of financial statements with more useful information on the recognition, measurement, presentation, and disclosure of financial instruments, on January 5, 2016 the FASB issued a new Accounting Standards Update (ASU) No. 2016-01, Financial Instruments, Overall (Subtopic 825-10): Recognition And Measurement Of Financial Assets And Financial Liabilities. The standard affects... continue reading

FASB Simplifies the Presentation of Deferred Tax Liabilities and Assets

AAFCPAs would like to make you aware that on Nov. 20, 2015 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.  This ASU applies to all organizations that present a classified balance sheet, and requires that all deferred tax liabilities and assets be classified as non-current. This is a significant change for entities which have deferred income... continue reading

Reminder: FASB Defers Revenue Recognition Standard

In response to feedback from stakeholders, preparers, practitioners, and users of financial statements, in August 2015, the FASB approved a one-year deferral of the effective date of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. The effective date of Update 2014-09 has been deferred for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in Update... continue reading

Navigating Charity Evaluators

How nonprofits can positively impact their rating Communication and transparency are paramount for companies looking to win over advocates in the information age, and the nonprofit sector is no exception. Just as Yelp transformed business reviews and TripAdvisor changed the way the world chooses vacation destinations, evaluation tools are impacting donor perception of charities. The space is led by Charity Navigator, but competing tools such as Charity Watch and GiveWell... continue reading

Proposed Nonprofit Financial Statement Format Changes

On April 22, 2015, the 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 Not-for-Profit Entities.  The proposed ASU is intended to improve the financial reporting of not-for-profit entities (NFPs) and to provide more useful information to the donors, creditors, grantors and others that use these financial statements. The proposed ASU is applicable to all... continue reading

FEI-Boston Annual Accounting & Auditing Update Professional Development Session

AAFCPAs Partner, Jeffrey Mead, CPA, will lead Finance Executives International (FEI)-Boston’s Annual Accounting & Auditing Update.  FEI’s Boston Chapter is one of the largest chapters of the premier professional association for senior and mid-level corporate financial managers. This annual professional development session is typically well attended by the elite finance professionals of Boston. Jeff will provide a detailed review for privately-held companies of all relevant pronouncements, exposure drafts, and other... continue reading

FASB Votes to Propose a Deferral to the Effective Date for Revenue Recognition Standard by One Year

AAFCPAs would like to inform you of an update from today’s FASB Board Meeting (April 1, 2015), in which they voted to propose a one-year deferral of the effective date of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“the new revenue standard”). Following a member comment period (30-days), we anticipate that FASB would issue an Accounting Standards Update (ASU), which would modify the new revenue... continue reading