The Defense Contract Audit Agency (DCAA) is noticing many government contractors are inaccurately recording lodging and subsistence travel costs and it’s become an area of “low hanging fruit” for DCAA auditors. What are the unallowable expenses under DCAA guidelines?
Thanks to a change in the Internal Revenue Service’s (IRS) partnership audit procedure, business’ filing a partnership return may be at a greater risk for an IRS audit because of the partnership agreement itself. Under the new audit plan, effective January 1, 2018, partnerships are audited at the entity level and any tax due is to be paid by the partnership instead of the partners. This streamlines the audit process for the IRS and reduces the need to open audits for each individual partner, but it leaves the IRS expecting to have to audit a lot more returns because of filing errors.
ASU Issued: The Financial Accounting Standards Board (FASB) issued ASU 2017-06, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), [...]
Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities (Topic 958), issued August 18, 2016 by the Financial Accounting Standards Board (FASB), [...]
For some nonprofit organizations, contributions are a significant source of revenue. Proper accounting treatment for those contributions is key, which include tracking and monitoring restricted [...]
Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) – issued February 25, 2016 For most non-public entities this update is effective for fiscal years beginning [...]
The Financial Accounting Standards Board (FASB) has been working on refreshing the financial reporting model for nonprofit organizations for some time. The FASB first announced [...]
On May 28, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers. This significant undertaking – which resulted [...]
The Statement on Standards for Accounting and Review Services (SSARS) No. 21, Statement on Standards for Accounting and Review Services: Clarification and Recodification — better [...]
The Financial Accounting Standards Board, or FASB, met on October 28, 2015 to discuss feedback received on the April 2015 proposed Accounting Standards Update (ASU), [...]
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