December 18, 2018
In August of 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-14 Not-for-Profit Entities (Topic 958). This is applicable to most non-profit organizations. This standard makes some significant changes to current practice and is effective for fiscal years beginning after December 15, 2017.
How does this affect my organization?
Well, in short, it means that this standard will need to be applied for your calendar 2018 financial statements. There are several provisions in the standard, but here are the main things you need to know:
In a nutshell, you probably won’t need to change a lot of your daily processes, but the way certain information is reported will need to be updated. Here’s a link to the Reimer, McGuinness & Associates presentation discussing this new standard in more detail. Also, here is an implementation guide from the AICPA. If you would like further particulars on the new standard, please contact Max Dunlap firstname.lastname@example.org Bree Brown email@example.com or Gaurav Masand firstname.lastname@example.org, and we will be happy to discuss it with you!
This tax season is an important one for many business owners because it’s the first that will be impacted by the Tax Cuts and Jobs Act (TCJA). How big of an impact is dependent on your unique situation. We’ve compiled this short list of provisions that may affect the business community:
According to Forbes.com, Super Bowl viewers traditionally load up on millions of pounds of less-than-healthy foods during the big game—including ribs, pulled pork, tortilla chips, nuts, popcorn and bacon—all washed down with beer (the Super Bowl beverage of choice). If you are trying to stick to your New Year’s resolution to eat better, consider a few healthy substitutes for the traditional Super Bowl eats:
Company culture and employee morale are two important topics companies are discussing now more than ever. How do we get employees actively engaged and excited to come to work? How do we get employees where they need to be faster and growing to their highest potential?