Government/Not-for-Profit – AICPA releases 2013 GAS/A-133 Audit Guide

By Dennis G. Koch / August 9, 2013

As a result of the Clarified Auditing Standards and the issuance of the 2011 revision of Government Auditing Standards, the 2013 edition of the GAS/A-133 Audit Guide has been extensively rewritten. While this has far-reaching implications for auditors, governmental entities and not-for-profits who receive federal financial assistance should also be aware of what these changes…

Read More

Not-For-Profit – Reporting Contingent Gifts

By Dennis G. Koch / August 6, 2013

When a donor provides a gift to a charity that is conditioned upon the charity performing some act or a certain event occurring, a deduction for the donation is only allowed once that event has taken place. There is an exception to this rule – the deduction is allowed in the transfer year if the…

Read More

Small Business – FASB and AICPA Make Proposals on "Small GAAP"

By Dennis G. Koch / August 6, 2013

For a number of years now, practitioners and small businesses have argued that the increasingly complex and ever-changing accounting standards written with large, publicly traded companies in mind are leaving the small business owner behind. As a result, the Financial Accounting Standards Board (FASB) and the American Institute of CPAs (AICPA) have made competing proposals…

Read More

Corporate Tax – Consolidated Return Deemed Filed Despite Omission of Required Forms

By Dennis G. Koch / June 19, 2013

PLR 201324010 In a private letter ruling, IRS has confirmed that a parent corporation and its three subsidiaries filed a consolidated return even though it was later discovered that each sub failed to file a Form 1122 (Authorization and Consent of Subsidiary Corporation to Be Included in a Consolidated Return). Facts. Before Date 1, various…

Read More

Small Business – FASB Issues ASU 2013-07 on the Liquidation Basis of Accounting

By Dennis G. Koch / June 15, 2013

There is minimal guidance in current U.S. generally accepted accounting principles (GAAP) that addresses when it is appropriate to apply, or how to apply, the liquidation basis of accounting. Consequently, there is diversity in practice. The amendments in this Update are being issued to clarify when an entity should apply the liquidation basis of accounting.…

Read More

Governmental – Reporting Entity Reporting Changes now in Effect

By Dennis G. Koch / June 15, 2013

The Governmental Accounting Standards Board (GASB) issued Statement No. 61, The Financial Reporting Entity Omnibus, an Amendment to GASB Statement No. 14 and No. 34 in 2010 with an effective date of periods beginning after June 15, 2012. As a result, governmental entities with fiscal years ending June 30, 2013 must implement the changes this…

Read More

Not-for-Profit – FASB Issues ASU on Contributed Services

By Dennis G. Koch / June 15, 2013

On April 19, 2013 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2013-06, Services Received from Personnel of an Affiliate. The ASU was issued to provide guidance about recognizing and measuring services that a nonprofit organization receives for no cost from personnel employed by an affiliated entity. The amendments included in this Update…

Read More