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 email@example.com Bree Brown firstname.lastname@example.org or Gaurav Masand email@example.com, and we will be happy to discuss it with you!
Our most precious commodity is time—and our attention is a close second. That’s why everyone can use some help on how to tune out daily distractions. We compiled the following helpful tips from copyblogger.com to get you started on dialing down distractions:
Your time is valuable. And as a business owner, it’s likely your most in-demand asset. Stop and consider how you spend your time during an average week. Are you doing the things that can enhance your business? Are you working in the areas of the business that best match your skillset and expertise? Don’t worry if the answer is NO. Most business owners would say the same thing.
The April 15 filing deadline is rapidly approaching, so we encourage you to send us your tax documentation as soon as possible to expedite the filing process. Here are four important reasons why you should file your return sooner rather than later: