FASB
Updated accounting rules for long-term leases took effect in 2019 for public companies. Now, after several deferrals by the Financial Accounting Standards Board (FASB), private companies and private not-for-profit entities…
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In December 2020, Richard Jones stepped up as chairman of the Financial Accounting Standards Board (FASB). After meeting with stakeholders in early 2021, Jones identified a list of high-priority projects…
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During the pandemic, cash has been tight for many small businesses, which may make it hard to attract and retain skilled workers. In lieu of providing cash bonuses or annual…
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On March 30, the Financial Accounting Standards Board (FASB) published an updated accounting standard on events that trigger an impairment test under U.S. Generally Accepted Accounting Principles (GAAP). This simplified…
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Does your business need a loan? Before contacting your bank, it’s important to gather all relevant financial information to prove your business is creditworthy. By anticipating information requests, you can…
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Donors and funders want to know how your nonprofit uses its financial resources — maybe even more than ever during this difficult time. Rules issued by the Financial Accounting Standards…
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Many nonprofits rely on contributions of nonfinancial assets, such as fixed assets (land, buildings, equipment), services, and materials and supplies, called gifts-in-kind. New rules from the Financial Accounting Standards Board…
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On September 17, the Financial Accounting Standards Board (FASB) issued an accounting rule that will provide more detailed information about noncash contributions charities and other not-for-profit organizations receive known as “gifts…
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After the Financial Accounting Standards Board’s (FASB’s) 2014 release of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, many nonprofits were confused about whether grants and similar…
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Traditionally, audit procedures for private companies tend to focus on the balance sheet. That is, auditors evaluate whether the book values of the company’s assets are overstated and its liabilities…
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