November 2016

Financial Accounting Standards Board’s new standards for nonprofit financial statements – webinar November 16

After more than three years of debate, comment, and revision, the Financial Accounting Standards Board’s (FASB) much-anticipated Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, was released on August 18, 2016. The newly released ASU will change the way all not-for-profits (NFPs) classify net assets and prepare financial statements. To view the standard in its entirety, visit the FASB's website here.

The standard is effective for annual financial statements issued for fiscal years beginning after December 15, 2017 and for interim periods within fiscal years beginning after December 15, 2018.  With early adoption permitted and encouraged for future year-ends, many organizations are preparing now for this transition.

Learn how the FASB's new standard will affect you and get implementation tips from industry experts.  The AICPA's Not-for-Profit Section is offering a webcast in which industry experts will walk through the new standard. Details and a link to register for the webinar are provided below:
Wed, Nov 16 ( 3 -5pm ET ) Recommended CPE Credit: 2.0  AICPA Webcast

6 ways not-for-profits can fortify ethics

A 2015 poll by The Chronicle of Philanthropy cited a decline in Americans' faith in charities. When negative headlines hit the press, we get concerned that public trust will continue to erode. Americans are not alone in their skepticism of charitable organizations. How can not-for-profit leaders be proactive to protect their organization's reputation and instill public confidence? Here are key areas to focus on to fortify your ethics policies:  Read More

IRS plans More Efficient audits of Tax-Exempt Groups

The Internal Revenue Service has released its work plan for the coming year outlining its priorities for examinations and audits of tax-exempt organizations. IRS FY 2017 Work Plan

AICPA Nonprofit Certificate program

The American Institute of Certified Public Accountants (AICPA) has launched a Certificate program for practitioners in the nonprofit field.  Two levels of Certification are available, depending on the needs of the individual student.  
The Not-for-Profit Certificate I covers the core financial knowledge that you need to work in or with a nonprofit. This unique CPE Certificate Program contains real-world examples, case studies, animations and videos to create a flexible, dynamic learning program that can be completed anytime, anywhere.
The Not-For-Profit Certificate II offers intermediate training on how to apply NFP core concepts to the unique financial needs of a non-profit organization. This intermediate/advanced program allows individuals to dive head first into more complex accounting and financial reporting, tax compliance, governance and assurance matters in a variety of NFP settings.
Use this link for a page which will help you determine which Certificate is appropriate for you.
© 2016 Edelstein & Company LLP. All Rights Reserved.
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