FASB Votes to Simplify Accounting for Common Control Leases
For common control leases, the FASB is drafting amendments to simplify determining whether a lease exists, the classification of the lease, and accounting for leasehold improvements.
What’s Your Not-for-Profit’s Liquidity Policy?
It’s time to re-evaluate what liquidity actually means and how well-crafted policies can improve an organization’s operations, finances, and be a tool for educating the public, the Board, and management.
Accounting Elective for Rent Concessions During COVID-19
One of the effects of cash flow shortages from COVID-19 has been an increase in rent deferments or abatements. It’s one thing to alter the language of a contract, but the question becomes how to treat rent concessions in the financial statements, and which set of guidelines to follow.
Accounting Standard Deadlines Extended One Year
The COVID-19 emergency has hit many Virginia, Maryland, and D.C. businesses and nonprofits by complete surprise.
Changes to Not-for-Profit Reporting Requirements of In-Kind Contributions
When it comes to charitable donations, cash might be king, but in-kind contributions play a vital role, too. Donated services and tangible or intangible goods can be sources of revenue and cost savings.
New FASB Proposal Aims to Increase Financial Reporting Requirements for Not-for-Profits
Many not-for-profit organizations rely on donations. Tapping into the generosity of their stakeholders has always been an operational necessity. And in recent years, the giving environment has become more complex with changing legislation and tax policies.
Changes to Not-for-Profit Revenue Recognition
As the implementation deadline of the new revenue recognition standards (ASU 2014-09) approaches, there are many companies and organizations scrambling to grasp the impact that [...]