Lease Means More: The Impact of ASC 842, Part One

The Financial Accounting Standards Board (FASB) released Accounting Standards Update No. 2016-02, Leases (ASC 842) on February 25, 2016, effectively eliminating off-balance sheet financing in the form of operating lease arrangements. ASC 842 requires all leases over one year in length to be reported on the balance sheet as both lease […]

Accounting for Government Grants – Changes in Standards Lead to Consistency in the Timing of Revenue Recognition

Current Developments In June 2018, the Financial Accounting Standard Board (FASB) issued clarifying guidance to FASB ASC 606 Revenue from Contracts with Customers. The update impacted all entities that make or receive grants and contributions. Here we focus on the impact of the clarified guidance for recipients of Federal Grants or […]

Are You Ready for Changes in Financial Reporting for Nonprofit Organizations?

Financial Reporting for Nonprofits

New financial reporting standards for nonprofit organizations (ASU 2016-14) are effective for their calendar year end 2018 financial statements.  Are you ready for the changes? Changes to the basic financial statements are straightforward, reducing the number of net asset classes from three to two (With Donor Restrictions and Without Donor Restriction). […]

Patrick Curtis Accepted to Leadership Howard County’s Leadership Premier Class of 2019

Patrick Curtis portrait

Rubino & Company is pleased to announce that shareholder Patrick Curtis has been accepted into Leadership Howard County’s Leadership Premier class of 2019. Leadership Howard County, a non-profit based out of Columbia, Maryland, prepares accomplished professionals from business, non-profit, and government to become innovative community leaders dedicated to making Howard County, […]

How will Liquidity Disclosures Enhance Financial Reporting for Nonprofit Organizations?

Image: Businessmen or investors reviewing return on investment on a tablet mobile device

Accounting Standards Update (ASU) 2016-14 is effective for fiscal years beginning after December 15, 2017 (i.e., calendar year 2018 or fiscal year 2018/2019). The new ASU impacts many aspects of financial reporting for nonprofit organizations, with updates to the basic financial statements and several new and/or enhanced disclosures required in the […]

Changes in Financial Reporting for Non-Profit Organizations

Image of calculator, spreadsheet, and pen

Nonprofit financial reporting standards are not exempt from change. The standards have been updated for organizations’ calendar year 2018 financial statements. Are you ready for the changes? In addition to updating the format of the basic financial statements as discussed in earlier articles, there will be significant changes impacting disclosures in […]

Does the Cost Accounting Standard (CAS) apply to your (sub)contract?

It can be difficult determining whether the Cost Accounting Standard (CAS) applies to your contract or subcontract. We’ve developed this infographic to help you determine whether the CAS applies to you and if a disclosure statement is required. Download PDF | Download PNG Need assistance with the Cost Accounting Standard or any […]

New Accounting Guidance for Contributions and Government Grants

The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2018-08 to provide accounting guidance for contributions received and contributions made. The ASU will help clients and practitioners in evaluating whether transactions should be accounted for as contributions (nonreciprocal) transactions or as exchange (reciprocal) transactions. This will hopefully help […]

Requirements for an Adequate Accounting System for Government Contractors

The requirements for acceptable government contractor accounting systems are well established and widely known by most contractors. However, we are regularly asked about this topic by small to mid-sized contractors. Most contractors are introduced to these requirements when proposing on cost reimbursable contracts as either a prime contractor or as a […]

The DFARS Business Systems Rule: Six System Requirements

DFARS

While the need for such a rule and the effectiveness of the Defense Federal Acquisition Regulation Supplement (DFARS) Business Systems rule in achieving its intended objectives has been widely debated, there are several provisions of the rule which are of the utmost importance to all government contractors and several others which […]