Limited Liability Entities Considering Some Accounting Issues
While much of the accounting authoritative technical literature used in financial reporting by LLCs is the same literature used by other types of reporting entities, there is some literature including requirements uniquely-applicable in financial reporting by LLCs.
Published on October 12, 2011
Final Rule Adopted Fair Value Disclosures May Be Affected
On July 23, 2014, the Securities and Exchange Commission (SEC) voted to adopt a Final Rule designed to limit the risk of investor runs on money market funds. The Final Rule requires institutional prime money market funds to move from a stable $1 per share net asset value (NAV), to
Published on July 28, 2014
Employee Stock Ownership Plans Unique Accounting and Reporting Issues for Employers
An employee stock ownership plan (ESOP) is a specific way to share ownership with employees and a way to provide tax benefits to the company, those who sell stock to the ESOP, and employees. Employers’ accounting for ESOPs is governed by FASB Accounting Standards Codification (FASB ASC) Topic 718, Compensation—Stock
Published on July 16, 2014
Not For Profit Entities Recent Peer Review Findings
The AICPA Peer Review team recently released examples of matters identified in peer reviews related to not-for-profit entities. This report covers some of the more commonly identified issues, including tax disclosures, net assets classification and disclosure, donated goods and services, and the statement of functional expenses.
Published on September 17, 2014
Controversy Over the Applicability of the Disclosure Requirement of Open Tax Years Unintended Consequences and Lessons f...
This report covers the applicability of a seemingly benign, but ambiguous, disclosure requirement of FIN 48 to provide a description of tax years open to examination.
Published on March 18, 2015
Not-for-Profit Entity Fair Value Measurements Some AICPA Financial Reporting Whitepaper Guidance
For many involved in financial accounting and reporting processes of not-for-profit [NFP] entities, one of the more onerous challenges relates to properly-considering and, where applicable, properly-complying with the fair value measurement and disclosure requirements in FASB ASC 820.
Published on February 15, 2012
NFP Entity Summarized Comparative Information Compilation & Review Reporting Issues
It is not uncommon for not-for-profit [NFP] entities to have financial statements prepared where prior period comparative information is presented in total rather than by net asset class.
Published on October 09, 2013
Not-For-Profit Entities Exchange Transactions vs. Contributions
Often, not-for-profit [NFP] entities generate revenue from exchange transactions and from contributions and, at times, it appears that the line is blurred related to the appropriate accounting for the revenue stream.
Published on July 03, 2013
Employee Benefit Plan Audit Update DOL Developments and New Reporting and Disclosure Recommendations
Recently, the Employee Benefits Plan Security Administration has performed an assessment of firm quality based on firm size and provided their findings and suggestions. In addition, the Financial Reporting Executive Committee of the AICPA released an overhaul of the Employee Benefit Plan Accounting and Auditing Guide that includes several financial
Published on July 16, 2014
NFP Entities Addressing Some Presentation & Disclosure Issues
Since many not-for-profit [NFP] entities have September 30 fiscal year-ends, in preparing current year financial statements, it might be helpful to focus on some recent presentation and disclosure deficiencies that have been noted in financial statements of NFP entities.
Published on August 28, 2013