Source: RSM US LLP. PBMares is a member of RSM US Alliance. The effects of the coronavirus are evolving rapidly and are unique for each entity’s circumstances. In addition to addressing the serious operational impacts of the coronavirus, it is important that all entities consider how the coronavirus affects their financial reporting.
Donor contributions make up a lot of Virginia’s nonprofits’ annual revenue. Even though the organizations are not relying only on these contributions, nonprofit management has to understand how to account for these contributions in one of two ways.
Is your organization ready for its year-end audit? Here are a few tips from an auditor than can help you prepare for a smooth and efficient audit.
What is a SOC1 report? A Service Organization Controls Report (commonly referred to as a “SOC1” report), is a report on the controls in place [...]
Determining whether an event or an item was an extraordinary item has been a confusing and often burdensome determination for accountants and entities alike. Over [...]
Thinking about hiring a new auditor can be overwhelming. Many times over the years I have heard auditees say, “I don’t want to get used [...]
If you have proposed on or been awarded a contract with the Federal government, and especially with the Department of Defense, you probably have been the recipient of a visit from the Defense Contract Audit Agency (DCAA). While these visits to perform a multitude of audits and evaluations are not the end of the world, they should be taken and reacted to seriously.
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 [...]
Banks’ financial statements tell their performance story to the outside world. Because the banks’ independent external auditor’s reports provide assurance about the quality of the [...]