On February 24, 2023, the Federal Register announced changes to the 2023 Form 5500. One significant change was in the method for determining which employee benefit plans will require an audit for 2023.
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.
Federal compliance requirements like single audits require nonprofits to have financial statement services performed.
Nonprofit compliance requirements vary from state to state. Private foundations, agencies, and other grantors often have their own requirements, too. It’s important for organizations to understand what these are before accepting any funding.
When changing your auditor, these best practices can ensure a smooth transition that leads to business gains.
The new lease standard has brought about a lot of changes. In this blog post, we will discuss some of the most important things to remember when implementing ASC 842. We'll also provide a checklist of tasks that should be completed in order to ensure compliance with the new lease standard.
This webinar recording from November 30 provides an overview of the lease accounting standard and a demo of our software solution designed to ease the burden of implementation for your organization. We will also address some of the common pitfalls, business implications, possible financial benefits, and more.
As your business grows, it's imperative to have an audit firm whose capabilities grow with you. Assess if it's time for a change.
With big plans for the future, growing private companies need auditors with the experience and insights to take the journey with them.
The OMB has released the 2022 Compliance Supplement, which is effective for audits of fiscal years beginning after June 30, 2021.
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