Monthly Archives: August 2016

Big Changes Coming for Financial Reporting of Not-for-Profit Organizations – Part 2: Net Asset Classification

Recap On August 18, 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-14 “Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.”  ASU 2016-14 requires a number of changes to the financial statements of NFPs.  These changes will be effective for fiscal years beginning on or after December 15, 2017. This article […]

Tax Update: New proposed regulations for Internal Revenue Code Section 2704

On August 2, 2016, the IRS issued proposed regulations under Internal Revenue Code Section 2704 that could eliminate or significantly reduce the allowable discounts when valuing interests in family-owned entities for gift, estate and generation-skipping transfer tax purposes. Background Historically, taxpayers could reduce the value of their taxable estates or the value of taxable gifts by […]

Big Changes Coming for Financial Reporting of Not-for-Profit Organizations

Are you ready for significant changes to the financial statements of not-for-profit organizations? On August 18, 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-14 Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.  ASU 2016-14 requires a number of changes to the financial statements of not-for-profit organizations (NFPs).  This article provides […]

Keeping sight of the big picture when it comes to fraud

Do you find that you sometimes get so bogged down in the details that you lose sight of the big picture? You know – not being able to see the forest for the trees. If you find yourself in that situation, one way out would be to borrow a concept from Stephen Covey’s 7 Habits […]

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