Since January 1, 2022, credit unions with total assets of $50 million and above must follow different expectations and frameworks when calculating capital ratios. The new capital adequacy standards from…
New Lease Accounting Rules: Prepare Now for Smoother Year-End Adoption
The highly anticipated new lease accounting standard will take effect for most private companies at the end of 2022 (fiscal years beginning after December 15, 2021), six years and two…
Someone Asked My Organization for a SOC Report – What Should I Do Next?
For organizations unfamiliar with a System and Organization Control (SOC) report, this request can be perplexing. First, it is important to understand what a SOC report is and why your…
SOC Report Basics: 10 Things to Know
More and more business leaders are recognizing the value of a System and Organization Controls (SOC) report these days, whether it’s obtaining one for their own organization or seeking reports…
Revised In-Kind Contributions Standard for Nonprofits on the Way: Discover the Impact on Your Organization
It’s that time again; nonprofit leaders must adapt to the latest accounting standards change. Accounting Standards Update (ASU) 2020-07, Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets was…