We’re pleased to share the article, Financial Reporting Updates for Not-for-Profit Entities, recently published by the New Jersey Society of Certified Public Accountants (NJCPA).
Not-for-profit (NFP) organizations are experiencing a relatively stable period for new accounting guidance, though a few updates are worth reviewing. Some new standards could impact how your NFP reports or calculates credit losses for accounting receivable and contract assets, costs for internal-use software and taxes on certain business activities.
There are also important changes that we see regarding the current risk environment for NFPs. While not intended as a comprehensive guide, this article — authored by Partner Alexander Buchholz — highlights the key takeaways for your NFP.