Not for Profit

Revenue From Contracts With Customers

In May 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-09 Revenue from Contracts with Customers, which presents a single, global, principles-based revenue recognition model. And, in August 2015, it issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which extended the effective date for all […]

Income Tax Disclosures for Not-for-Profits

Many Not-For-Profits (NFPs) unnecessarily make disclosures about unrecognized tax benefits. Perhaps this happens because of confusion around the difference between a tax position and an unrecognized tax benefit, or because of a recently withdrawn AICPA Technical Question and Answer (Q&A). All NFPs have tax positions. Tax positions are decisions taken in a previously filed income […]

The Appropriate Approach to Misappropriation: Responding to Fraud in Non-Profit Organizations

Fraud can be one of the most devastating discoveries within an organization. Reports of fraud are rising with news about defrauded organizations suffering significant losses due to employee corruption. Unfortunately, non-profit organizations are not immune to this trend, and these entities can even have a higher level of potential fraud risk, as limited staff, tight […]

President Trump Signs Executive Order Allowing Churches to Engage in More Political Activity

President Trump on Thursday signed an executive order to direct the Internal Revenue Service to relax enforcement of rules barring tax-exempt churches from participating in politics as part of a much-anticipated executive stance on religious liberties. Specifically, the order states “that the Department of the Treasury does not take any adverse action against any individual, […]

Who is Mazars?

We are pleased to announce an exciting development for the new year! As of January 1, 2017 we have officially changed our name to Mazars USA LLP. As the world’s 11th largest accounting firm, the Mazars name is renowned around the globe. Our new name reflects our expanded international capabilities and reinforces our standing as […]

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FASB Issues New Guidance on Not-For-Profit Entities Financial Statement Reporting

Yesterday, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU 2016-14), Presentation of Financial Statements of Not-For-Profit Entities. The FASB believes that these changes to financial statements and note disclosures will both simplify and improve financial statement reporting and increase relevance for donors, grantors, creditors and other users. The changes are in […]