Last summer, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, which significantly alters the financial statements of nonprofits….
Unclaimed Property in Pennsylvania: Reportable Sooner and Increased Enforcement
Businesses and organizations that hold financial assets (like uncashed checks or forgotten bank accounts) or certain tangible items (including items left behind in safe deposit boxes) belonging to Pennsylvania residents…
Changes Ahead for Not-For-Profit Financial Reporting
On August 18, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, aimed at making financial reporting less…
OPEB Liabilities Loom Large for Municipal Budgets
Municipal leaders in recent years have grappled with mounting underfunded liabilities for public employee pension plans, but there is an even more pernicious fiscal challenge just around the bend. “Other…
How to Prepare Now for Your Next Employee Benefit Plan Audit
For companies that provide benefit plans to employees, spring means annual audit season is around the corner. Though it’s not something most plan administrators look forward to, the audit can…