Beginning with fiscal years ending June 30, 2017, the first of the two Other Postemployment Benefit (OPEB) standards from the Governmental Accounting Standards Board (GASB) becomes effective.
GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans replaces GASB Statements Nos. 43 and 57 for reporting of OPEB plans and mirrors the requirements of GASB Statement No. 67, Financial Reporting for Pension Plans. The good news is that most everything you learned in implementing the pension standards will apply to implementing the OPEB standards. There are, however, a few exceptions which will be discussed herein.
The Winter BDO Nonprofit Standard Newsletter took a more in-depth look at certain changes under Accounting Standards Update (ASU) 2016-14, Not‑for‑Profit Entities (Topic 958): Presentation of Financial Statements of Not‑for-Profit Entities and the implementation considerations.
In this issue, we will examine two additional areas of the ASU: Expense reporting and reclassification upon expiration of donor-imposed restrictions.
With tax filing season underway, the IRS is beginning to identify areas of potential noncompliance and, for nonprofits, a common culprit is employment tax issues.
The IRS has emphasized employment tax compliance during its tax-exempt audits for many years. The IRS has stated that this employment tax focus will continue into 2017. In the IRS’ Tax Exempt and Government Entities FY 2017 Work Plan, which details its priorities and mission for the coming year, the IRS disclosed that more than 25 percent of closed audits had a “primary issue” related to employment tax. At the end of June 2016, 1,323 audits involved primarily employment tax issues, out of a total 4,984 closed examinations. The IRS continues to include employment tax issues within its list of high-risk areas of noncompliance.
It’s one of your more pleasant tasks as a QuickBooks user: receiving payments from customers. Here’s how it works.
QuickBooks was designed to make your daily accounting tasks easier, faster, and more accurate. If you’ve been using the software for a while, you’ve probably found that to be true. Some chores, of course, aren’t so enjoyable. Like paying bills. Reconciling your bank account. Or anything else that has the potential to reduce the balance in your checking accounts.
The process of receiving customer payments is one of your more enjoyable responsibilities. You supplied a product or service that someone liked and purchased, and you’re getting the money due you.
Depending on the situation, you’ll use one of multiple methods to record customer payments. This article looks at some of your options.
They're one of the rewards you get for your conscientious accounting work: reports. Are you using them to make better business decisions?
What do you see when you log on to QuickBooks Online? Your most important business numbers represented by real-time charts. Profit and loss. Income and expenses. Sales. And all of your account balances.
This is a great way to start your workday. You know where you stand financially, and you know what areas of your company file need attention, fast.
But QuickBooks Online’s home page only tells part of the story. You also need more in-depth, customizable reports. In the short term, reports help you further determine any necessary accounting work. Long-term, they’ll provide insight to help you make smarter decisions as you plan for your company’s future.
The FASB recently issued ASU 2017-04 to simplify how all entities assess goodwill for impairment by eliminating Step 2 from the goodwill impairment test. As amended, the goodwill impairment test will consist of one step comparing the fair value of a reporting unit with its carrying amount. This article gives you all the details.
Small-business owners must remain alert
It seems to be in the news every other day: A trusted longtime employee is found guilty of embezzling money from his or her employer. This may give you momentary pause, but then it is likely that you will simply continue to go about your business. After all, this cannot happen to you—can it?
Timely points of particular interest
This article touches on significant estate-tax changes in individual states as well as one idea for owners and managers to consider if thinking about growing your business in 2017.
Where Are They Most Vulnerable and What Can We Do? Part One - Disbursements
The most common frauds, in any business, involve schemes associated with the person handling the money and stealing the funds that have already been deposited into the organization’s checking account. Part one of this brief series focuses on theft by disbursements. In part two, we’ll discuss theft associated with cash receipts.
The FASB recently issued ASU 2017-02 to clarify when a not-for-profit entity (NFP) that is a general partner or a limited partner should consolidate a for-profit limited partnership or similar legal entity once the amendments in Accounting Standards Update No. 2015-02, Amendments to the Consolidation Analysis, become effective. The ASU is available here, and becomes effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period.