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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 MoreWhen 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 MoreOn 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…
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