John C. “Charlie” Blanton, CPA | Surgent McCoy CPE LLC
Did I miss anything? Am I ever going to find the time to research and understand this? These are the questions that commonly haunt professionals who work in a sector with five active standard setters: the GASB, FASB, AICPA, GAO, and OMB.
Whether it’s preparing for the changes coming to not-for-profit financial reporting, implementing the new single audit requirements, or auditing a government’s GASB No. 68 pension information, professionals working with governments and not-for-profits will find 2016 to be a transitional year.
Preparing for the Changes Coming to Not-for-Profit Financial Reporting
In 2016, not-for-profits will begin preparing for changes coming from the FASB’s Financial Statements of Not-for-Profit Entities project. While they will have a few years to implement the standards, not-for-profits will want to begin getting ready for the changes coming to the following:
Implementing the New Single Audit Requirements
Auditees and auditors will be applying the new single audit requirements contained in the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. The new requirements contain key changes to the following:
As auditors implement the new single audit requirements they need to ensure that they fully understand these four important points about the changes to the major program determination process:
Auditing a Government’s GASB No. 68 Pension Information
Throughout 2016, governments and their auditors will still be getting comfortable with the GASB No. 68 pension standard. Of particular interest is how an auditor can become comfortable with the census data used in the actuarial valuation process and the amounts reported in the financial statements. They will also be preparing for the changes coming from GASB No. 74 and No. 75 related to other postemployment benefits.
Learn more at Latest Developments in Government and Not-for-Profit Accounting and Auditing 2016:
John C. “Charlie” Blanton, CPA, is director of governmental and not-for-profit product development for Surgent McCoy CPE LLC. Before joining Surgent McCoy, he served as the technical manager for the AICPA’s governmental and not-for-profit CPE courses.
Order by
Newest on top Oldest on top