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GASB issued guidance Thursday on compensated absences, enhancing recognition and measurement requirements and refining related disclosure requirements. Continue Reading
The Governmental Accounting Standards Board (GASB) issued guidance addressing numerous accounting and financial reporting issues identified during the implementation and application of certain GASB pronouncements or during the due process on other pronouncements. Continue Reading
Relief from single audit requirements has been granted for some small governments that are not accustomed to such audits but would have needed them because of unprecedented government funding in the wake of the COVID-19 pandemic. Continue Reading
These are just a few examples of the type of government assistance that are potentially in the scope of a new standard requiring disclosures about government assistance. Continue Reading
The US Small Business Administration (SBA) has extended the deferment period for COVID-19 Economic Injury Disaster Loan (EIDL) payments for the third time in 12 months. Continue Reading
Fighting fraud before it ever begins is a key responsibility for nonprofit accountants and their finance team. The days of reacting to fraud after it happens are behind us. Continue Reading
Not-for-profits face special hurdles in maintaining full employment, a challenge organizations of all types are facing amid the pandemic-inspired labor market difficulties that have become known as the Great Resignation. Continue Reading
As the COVID-19 pandemic called many not-for-profits to serve more needy clients and change the way they sought donations, it also led them to invest in themselves — especially in their technology. Continue Reading
GASB is undertaking a major project on going concern uncertainties and severe financial distress, as well as pre-agenda research activity on subsequent events, as part of its technical plan for the first four months of this year. Continue Reading
State and local governments will have increased flexibility to pursue a wider range of uses under the State and Local Fiscal Recovery Funds (SLFRF) program as a result of a new final rule issued Thursday by Treasury that takes effect April 1. Continue Reading