A Not-for-Profit’s Guide to Upcoming Accounting Changes

We remain in a relatively quiet time for changes in accounting and reporting standards affecting not-for-profit organizations, notwithstanding larger proposals affecting the intermediate and longer term. Some of the near term changes are essentially tweaks to ensure organizations are following standards with consistency rather than having the diversity in practice that can sometimes arise.

Despite not having any major changes to report, we encourage all organizations to pay close attention to all new accounting rules as they may find themselves in a special or unique circumstance that could affect their reporting.

Learn more in this MHM Messenger.

Preparing for Subpart F of the Uniform Grant Guidance

The final phase of the Office of Management and Budget’s Uniform Grant Guidance is nearly here, which means nonfederal agencies should be gearing up for the changes coming to their Single Audits.

OMB released 2 CFR 200: Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Grant Guidance) in December 2013. The Uniform Grant Guidance affects all nonfederal entities that receive grants and replaced rules in eight OMB Cost Circulars, including the A-133. Nonfederal entities began applying the changes to administrative requirements and cost principles to new federal awards received after December 26, 2014, and to additional funding to existing awards made after that date.

Learn more about the accounting standard in this MHM Messenger.

SEC Approves Crowdfunding Rules

On October 30, 2015, the Securities and Exchange Commission (SEC) issued the final rules related to crowdfunding for select companies. The rules fulfill Title III of the Jumpstart Our Business Startups (JOBS) Act, which was signed into law in 2012.

Crowdfunding platforms typically allow access to broader pools of investors than what a company or individual may find using a more traditional model. Rules on who can invest using a crowdfunding platform are less stringent and the minimum required
investment amount lower.

Learn more about the accounting standard in this MHM Messenger.

Revenue Recognition Considerations for the Manufacturing Industry

All entities will have to reevaluate their revenue recognition processes when the Financial Accounting Standard Board (FASB)’s Accounting Standard Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) is adopted, beginning with those early adopting in 2017.

Manufacturing companies face unique considerations with the new revenue recognition guidance. They should consider how the following situations and scenarios may be affected by the ASU now in order to prepare for the guidance’s effective date.

Learn more about the accounting standard in this MHM Messenger.

Thursday’s Webinar: Third Quarter Accounting and Financial Reporting Issues Update

Third Quarter Accounting UpdateThis quarterly webinar will bring you up-to-date on hot topics, technical matters and current events impacting financial reporting and the accounting profession.

Mike Loritz, Mark Winiarski and Bill Smith will discuss recent happenings at the Financial Accounting Standards Board, American Institute of Certified Public Accountants, Securities and Exchange Commission, Public Company Accounting Oversight Board and other relevant governance bodies. We will also touch on recent tax changes and proposed legislation.

CBIZ & MHM Executive Education Series:
Third Quarter Accounting and Financial Reporting Issues Update
Thursday, October 8, 2015
11 a.m.–1 p.m. CST
Eligible for 2 CPE

Webinar on 10/13: Revenue Recognition Update for the Technology Industry

Revenue Recognition Update for the Technology IndustryWhile the new standards for revenue recognition will require significant changes in internal accounting practices for any industry with contract revenue, this webinar will specifically address the impact to the technology industry.

During this webinar, we will discuss the latest information about the new revenue recognition guidance.

We will also go over how the new standard will differ from current practice for technology companies.

CBIZ & MHM Executive Education Series:
Revenue Recognition Update for the Technology Industry
Tuesday, October 13, 2015
11 a.m.–12 p.m. CDT
Eligible for 1 CPE

Can’t attend on this date? Join us for a repeat broadcast on Dec. 10.

Oct. 1: Third Quarter Accounting and Financial Reporting Issues Update

Third Quarter Accounting UpdateThis quarterly webinar will bring you up-to-date on hot topics, technical matters and current events impacting financial reporting and the accounting profession.

Mike Loritz, Mark Winiarski and Bill Smith will discuss recent happenings at the Financial Accounting Standards Board, American Institute of Certified Public Accountants, Securities and Exchange Commission, Public Company Accounting Oversight Board and other relevant governance bodies. We will also touch on recent tax changes and proposed legislation.

CBIZ & MHM Executive Education Series:
Third Quarter Accounting and Financial Reporting Issues Update
Thursday, October 1, 2015
11 a.m.–1 p.m. CST
Eligible for 2 CPE

Can’t attend on this date? Join us for a repeat broadcast on Oct. 8.

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