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). […]

Government Grants: Contributions or Exchange Transactions?

Do federal and state governments make contributions to nonprofit organizations? Most accountants would say: “No, government departments and agencies may provide grants and other resources to nonprofits to help governments meet their social and other program requirements, but these are not contributions and should not be accounted for as contributions.” But […]

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 […]

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 […]

Nonprofit Accounting Systems – Federal Grant Requirements

Adeq Acct Sys for Nonprofits w Fed Grants

The Uniform Guidance outlines the requirements for financial reporting systems of nonprofit organizations across several subsections.  However, the requirements included in those subsections can be vague. The following is intended to provide clarity and advice on accounting system selection and design for Federal Award recipients.  The Uniform Guidance includes the following […]

The Challenge of Implementing New Accounting Standards for Not-for-Profit Organizations and Non-Public Companies

Many of Rubino & Company’s clients face the daunting task of implementing recent Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB) which will soon become effective and have a major impact on their financial reporting.  Those ASUs are summarized below. Financial Statements for Non-Profit Organizations Effective for […]