Regulatory Alerts (All)
FASB Issues Revenue and Expense Recognition Standard for Nonprofit Grants and Contributions
On June 21, 2018, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contribution Made intended to address the diversity in practice among not-for-profit organizations for grant and contribution accounting. ASU 2018-08 applies primarily to nonprofits, […]
South Dakota v. Wayfair, Supreme Court Rules States Can Require Online Sales Tax
AAFCPAs would like to make clients aware that the US Supreme Court on Thursday, June 21, 2018, in the case of “South Dakota v. Wayfair,” overturned its 1992 “Quill” decision, which had barred states from requiring internet and mail order vendors with no physical presence in a state from collecting sales tax on transactions involving […]
AAFCPAs Earns SOC for Cybersecurity Services Certificate
AAFCPAs’ Partners James Jumes, MBA, M.Ed. and Robin Kelley, CPA, CITP, CGMA, CSPM, CCSFP have earned the System and Organization Controls (SOC) for Cybersecurity Certificate issued by The Association of International Certified Professional Accountants (AICPA). SOC for Cybersecurity is a new entity-wide cybersecurity audit that allows organizations to voluntarily report on their cybersecurity management programs […]
Massachusetts Supreme Judicial Court Rules Millionaire Tax Unconstitutional
AAFCPAs would like to make clients aware that a proposed ballot question seeking to impose a 4% surtax on Massachusetts individuals on the portion of taxable income exceeding $1 million has been ruled unconstitutional by the Massachusetts Supreme Judicial Court (SJC). Individuals with income below this threshold were not to be affected. The proposed ballot […]
AAFCPAs Nonprofit Revenue Recognition Guidance Webinar Available OnDemand
AAFCPAs’ Matt Hutt, CPA, CGMA, Courtney McFarland, CPA, MSA and Emily Donnelly, CPA provide nonprofit finance executives with an understanding of how the new standards could impact revenue recognition and company policies, and what they should be doing now to prepare for adoption. This webinar was presented and recorded live, May 23rd, 2018 in AAFCPAs’ recording studio in […]
The Impact of Revenue Recognition on Healthcare
Revenue Recognition: ASU 2014-09, Revenue from Contracts with Customers (Topic 606), is effective for public business entities, and certain not-for-profit entities that have publicly traded conduit (or direct) debt, with annual reporting periods beginning after December 15, 2017. All other entities are required to adopt this by annual reporting periods beginning after December 15, 2018. […]
AAFCPAs Best Practice Recommendations for Complying with DESE, and Managing Board and Management Conflicts of Interests
The Massachusetts Department of Elementary and Secondary Education (DESE) Office of Charter Schools’ Charter School Audit Guide (the Guide) includes compliance requirements relating to the review and assessment of related party disclosures. Now that DESE has moved to an online management system for the collection of conflict of interest forms from members of a School’s […]
Net Asset Classification Considerations for Nonprofits Implementing the Financial Statement Presentation Standards
AAFCPAs advises nonprofits in assessing the impact of the new Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, and we provide guidance throughout the transition process. ASU 2016-14 affects nonprofit organizations in all industries (i.e. healthcare, affordable housing, social services, foundations and education) and is effective […]
2017 Community Health Center Cost Reports Due June 26, Regardless of Fiscal Year End
AAFCPAs would like to make clients aware that the Center for Health Information and Analysis (CHIA) has just announced it is now collecting cost reports for the fiscal year ending in 2017 from all Community Health Centers (CHCs). All CHCs, regardless of Fiscal Year End date, are required to file their fiscal year 2017 cost […]