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It's Finally Here! The Exposure Draft on Financial Reporting of Not-for-Profit and Health Care Entities at a Glance

On April 22, 2015, the Financial Accounting Standards Board (FASB) released the long-awaited exposure draft for the proposed accounting standards update,
Audit, Retail
Doug Morally | 4.7.2015

What to Do With Unredeemed Gift Cards?

During 2014, CEB TowerGroup estimated that more than $124 billion was loaded on gift cards in the U.S. The increased use of gift cards has presented the

Further Details Regarding the Delay of Revenue Recognition Standard

On April 1, 2015, the Financial Accounting Standards Board (FASB) agreed to defer the effective date of the new revenue recognition standard, ASU 2014-09,
Audit
Steven Thompson | 4.2.2015

Proposal to Defer for One Year the New Revenue Recognition Standard

On April 1, 2015, the FASB voted to propose a one-year deferral of the effective date for its new revenue standard for public and nonpublic entities reporting
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Get Ready - Changes Ahead for Not-for-Profit Financial Reporting

As we have written before, the Financial Accounting Standards Board (FASB) has been contemplating making significant changes to the ways that Not-for-Profits
Audit
Nick Lombardo | 4.2.2015

UPDATE: FASB Votes to Defer Effective Date of the New Revenue Recognition Standard

Updated from an earlier posted Schneider Downs article regarding the deferral of ASU No. 2014-09. The Financial Accounting Standards Board (FASB) had a

Does Your Organization Require an A-133 Single Audit? The Vendor vs. Subrecipient Distinction

Making this distinction properly is very important for organizations receiving federal awards. Subrecipients are subject to audit under A-133, while payments

Topic 606 and Claim Recognition - What Changes for Construction Contractors?

In May of 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers
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OMB Uniform Guidance Interim Final Rule Addresses Cost Reimbursement

On December 18, 2014, The Office of Management and Budget (OMB) released the interim final rule for Administrative Requirements, Cost Principles and Audit

Can For-Profit Subsidiaries of Not-for-Profit Entities elect to Amortize Goodwill under ASU 2014-02?

In January 2014, FASB issued ASU No 2014-02, Intangibles- Goodwill and Other, allowing private companies the option of amortizing goodwill over a 10-year
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