This comprehensive alert has been designed to help a wide range of not-for-profit professionals, including auditing and accounting firms with not-for-profit engagements as well as financial managers and board members of not-for-profit organizations.
Among other topics, this alert focuses on risks related to recent nonprofit industry trends, financial statement presentation changes, revenue recognition, and changes in tax compliance. Also included is information on emerging issues such as:
Awareness of key trends affecting the nonprofit environment informs audit planning, risk management, strategic planning, and oversight, thereby promoting greater success and sustainability of not-for-profit entities.
As a not-for-profit auditor, there's a lot to consider, given the pace of change in today's complex business environment. Many finance professionals serving the not-for-profit sector are challenged with implementation of significant new accounting standards under U.S. GAAP, such as revenue recognition and accounting for not-for-profit grants and contracts. Created for not-for-profit finance and accounting staff, auditors, and board members alike, this alert features important developments affecting not-for-profit entities and the key issues auditors may face.
What you need to know!
Taking you straight to what you need to know in the coming year, this publication covers changes on the horizon as well as current business environment issues and accounting and auditing challenges such as:
Delivered in an easily digestible format, this alert also covers legislative and regulatory issues like the unrelated business income tax and changes to IRS Form 990−T as well as a discussion of the Department of Labor's overtime rule.
View the excerpt provided to see an example of one of the many targeted discussions of current economic, accounting, and auditing issues affecting not-for-profits and discover why this alert serves as an excellent starting point for your conversations about risk.
This alert discusses legislative, regulatory, and standard-setter updates affecting not-for-profit entities in 2020. The following is a sample of the updates covered. For more insight, see the full table of contents.