Topic two rounds out our NFP Financial Reporting Changes series! To recap, in 2011 the FASB began a project to improve Not-for-Profits’ (NFPs’) financial reporting after concluding that the existing standards are sound but that it was time to determine improvements that could be made.  In 2015, the FASB presented its findings/improvements to the public and received significant and mixed feedback. As a result the FASB decided to divide the project into two phases. Our ser Read More >>

As mentioned in our series intro, in 2011 the FASB began a project to improve Not-for-Profits’ (NFPs’) financial reporting. The FASB concluded that the existing standards are sound but that it was time to determine improvements that could be made. Indeed the current not-for-profit financial reporting has held up since 1993, well over 20 years, but stakeholders expressed concern over the complexity, insufficient transparency, and limited use of certain aspects of the m Read More >>

Andy Pena takes a look at this method of recording long-term contracts:

 

 

In order to comply with generally accepted accounting principles (GAAP), your construction company’s financial statements are required to recognize revenue a certain way. GAAP requires revenue to be recorded in the period it is earned, regardless of when it is billed or when cash is received. The best way to comply with this revenue recognition under a fixed price construction contract Read More >>

It might be easier than you think. Aaron Apathy, CPA has tips:

 

 

Business owners are always looking for ways to improve their business and make more money.  One way to do so is to improve the efficiencies within their accounting department. By accomplishing this, the accounting department can spend more time generating budgets, forecasting, managing cash flow, and doing variance analysis. Having the time to accomplish these tasks can help the business owner c Read More >>

“SSARS 21” is a somewhat complicated professional standard, but Beth Friswold, CPA breaks it down for you:

 

 

Here’s some background to SSARS 21, a new professional standard that can all you to select a new level of service for your financial statements: In October 2014, the Accounting and Review Services Committee of the American Institute of Certified Public Accountants (AICPA) issued Statements on Standards for Accounting and Review Se Read More >>

Sal Caroniti, CPA has insights that small business owners need when it comes to efficient and timely financial reporting:

 

 

One of the many attributes of a successful company is the ability of the accounting personnel to adequately, accurately and efficiently report its financial results to management and ownership.  Having an efficient and accurate accounting system is an important part of accomplishing this objective.

The internal accounting staff (po Read More >>

Aaron Apathy, CPA lays out the best routine for a useful month-end closing process:

 

You may have heard the saying, “If you don’t know your numbers, you don’t know your business.”

It’s true. But how do you get into a routine of checking your numbers? The best way for a business owner to understand their businesses is by receiving financial reporting. It is essential that owners receive this information in a timely manner so that they can review and make sound business deci Read More >>