By Lee Klumpp, CPA, CGMA In 2016, the Financial Accounting Standards Board (FASB) updated its lease accounting rules (ASC 842) and closed a diversity in practice in the previous standard. The major change is that organizations must now include lease assets and liabilities on their balance...
By Jibran Hussain, Andrew Tobel, J.D., CIPP/US, and Derrick King, CIPP/US In this highly interconnected, digitized global economy, cross-border data flows are imperative in maintaining and enhancing strong ties between countries. On July 16, 2020, a pivotal component of European Union (EU)–United States (U.S.) data transfers, the...
By Tammy Ricciardella, CPA On Sept. 17, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU), 2020-07, Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. This ASU is intended to increase transparency on how contributed nonfinancial assets (also referred to as gifts-in-kind)...
By Michael Conover “Are we paying our executives appropriately?” I am frequently asked this question by board members and these questions have become even more frequent in the current COVID-19 environment. Amidst all the uncertainty, the question seems more relevant than ever. Whether it is an...
By Lee Klumpp, CPA, CGMA On Aug. 3, 2020, President Trump signed the legislation to assist nonprofits and governmental entities into law. The purpose of the legislation is noted as: “The Protecting Nonprofits from Catastrophic Cash Flow Strain Act aims to ensure that nonprofits, state and local...
