August 2015

FASB Proposal May Mean Big Changes for Nonprofits 

Nonprofit organizations should make note of the potentially significant financial reporting changes coming in your direction as the August 20th deadline for public comments approaches.  This article discusses how the proposed standard would change the distinction between operating and non-operating activities based on mission and availability rather than the current determination of “ongoing major or central” items.

New Revenue Recognition Model to Affect Nonprofits

In most ways, the new revenue recognition model replaces all existing revenue recognition guidance.  Newly disclosed qualitative and quantitative requirements about revenue and contracts with customers will have an impact on almost all entities, including nonprofit organizations.  This article discusses additional impacts to all entities.  For nonpublic entities, which includes most nonprofits, implementation will not be effective until 2018, or more specifically, for annual reporting periods beginning after December 15, 2017.  However, it will be important to start thinking now about how this new standard will affect you.

The Affordable Care Act is Here to Stay: What Nonprofits Need to Know

There are many key questions nonprofit organizations may have as it relates to the Affordable Care Act including: Have you determined whether or not you’re an ALE (Applicable Large Employer) in order to make a determination for 2015? What is the applicability to be named an ALE? What are some measurement methods to be used?  What does it mean to be an ALE?  This article will guide you through these questions and provide answers.
© 2015 Edelstein & Company LLP. All Rights Reserved.
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