Hui-Ting Grady
Upcoming Increase in Single Audit or Program-Specific Audit Thresholds
For audits of fiscal years beginning on or after October 1, 2024, the Office of Management and Budget (OMB) will raise the threshold for requiring…
AAFCPAs Blog.
A resource for finance and business leaders seeking timely insights, practical guidance, and industry perspective. Explore content across accounting, tax, audit, and advisory topics to support informed decision-making.
All Blog Posts
Featured
OMB Releases Uniform Guidance Revisions
AAFCPAs would like to make clients aware that the Office of Management and Budget (OMB) released updates to its Uniform Guidance in April 2024. Updates…
Hui-Ting Grady
MA UFR Extensions Must Be Submitted On the OSD website
AAFCPAs would like to make Human & Social Services clients aware that effective June 30, 2022, the Massachusetts Operational Services Division (OSD) will no longer…
Financial Accounting Standards Board (FASB)
Changes to In-kind Donation Disclosures for Nonprofits
AAFCPAs would like to make nonprofit clients and donors aware that the Financial Accounting Standards Board (FASB) has recently issued an Accounting Standards Update (ASU)…
Hui-Ting Grady
FASB Proposes Lease Standard Delay, Issues Pandemic Concessions FAQs
The Financial Accounting Standards Board (FASB) on April 8, 2020 issued a proposal to defer the effective date for ASU 2016-02, Leases, and all subsequent…
Hui-Ting Grady
Will Paycheck Protection Program Loans Be Subject to Uniform Guidance for Nonprofit Organizations?
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes many provisions that are applicable to nonprofit organizations. One of the provisions is the…
Nonprofit
Accounting Considerations for Nonprofits with Donor Advised Funds (DAF)
It has been reported recently that charitable giving had its largest decline since the 2008-2009 financial crisis, citing circumstances such as 2018 tax law changes…
Uncategorized
Hosting Service and Auditor Independence
AAFCPAs would like to make clients aware that the AICPA’s Professional Ethics Executive Committee (PEEC) has issued a new interpretation of AICPA’s independence rule, Hosting…
Hui-Ting Grady
New Revenue Recognition Accounting for Nonprofits: Contribution or Exchange Transaction?
On June 21, 2018, the Financial Accounting Standards Board (FASB) issued a final Accounting Standards Update (ASU) 2018-08, Not-For-Profit Entities (Topic 958): Clarifying the Scope…
