The Comprehensive Annual Financial Report, or CAFR, is one of the most important financial documents prepared annually by governments. This voluminous report goes beyond the budget to provide a detailed…
Tax Reform’s Impact on Your Company’s 2017 Year End Reporting
The Tax Cuts and Jobs Act (TCJA) was enacted into law on December 22, 2017, and took effect on January 1, 2018. Yet companies will still feel tax reform’s impact…
Nonprofit Update: PA Raises Audit Requirement Threshold
Starting in February 2018, Pennsylvania nonprofits must reach higher levels of annual contributions in order to trigger audit requirements. Act 71 of 2017, which Governor Wolf signed into law in…
How New Revenue Recognition Clarification Will Impact Nonprofit Accounting for Grants and Contracts
Nonprofits will soon have clearer guidelines by which to recognize and classify revenue from grants, contracts and contributions, thanks to a new standard proposed this summer by the Financial Accounting…
FASB Changes to Bring More Context Around Nonprofit Liquidity and Cash Flow
The financial statements of not-for-profit organizations will soon undergo a significant transformation, courtesy of the Financial Accounting Standards Board (FASB). As part of its response to stakeholder feedback to improve…