Nonprofits will see their leases in a whole new light as they begin implementing the Financial Accounting Standards Board’s (FASB’s) new lease reporting standards. As was revealed in early 2016, the FASB will soon require almost all entities, both for-profit and nonprofit, to start recording leases on their balance sheets and statements of financial position.
By ANN MEANS
For-profit companies use thousands of metrics to measure, analyze, and optimize processes, from the assembly line to management level. Their goal is to maximize the profit margin by creating customer value. It’s a straightforward exchange; a company collects revenue based…
Pay Attention to the Information Reported on Form 990 – It Could Alert You to the Fact That Something is Terribly Wrong
The college admissions cheating scandal is all over the news, and rightfully so. This story involves the rich and famous, some of the most elite universities and colleges in the nation, and a nonprofit organization that allegedly engineered more than 800 bribes and other initiatives to benefit the children of its wealthy “donors.” The scandal involved everything from cheating on college admission tests to bribing athletic departments to giving students sports scholarships that they did not deserve.
The nonprofit world has been abuzz ever since the issuance of Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958) – Presentation of Financial Statements of Not-for-Profit Entities. The Financial Accounting Standards Board (FASB) undertook this project in order to improve the usefulness, clarity, consistency, and transparency of information presented to the users of financial statements, be […]