Insights Center: 2025 Tax & Legislative Changes
Individuals, businesses and not-for-profit organizations are all affected by the new tax law – and we are ready to help. Start by staying informed; you’ll find our analyses of the new law’s many provisions here.
LEARN MOREVideo Replay: Why Joe Ali Wears the Volunteer NY! Hat
Joseph L. Ali, partner with PKF O’Connor Davies and Board Vice Chair for Volunteer NY! speaks on why he wears […]
Webinar Replay: Value Series on Philanthropy – Grantmaking Through the Lens of Racial Equity
PKF O’Connor Davies’ specialists and guest experts provide timely examination of how grantmaking is assessed through today’s lens of racial […]
FASB Issues Updated Guidance on Reporting for Gifts of Nonfinancial Assets
Recently, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-07, Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets.
Reporting Government Revenue Under FASB ASU 2018-08: Providing Some Clarity
The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-08, Not-For-Profit Entities (Topic 958): Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made (Subtopic 958-605), in part, to eliminate the diversity in practice in recognizing grants received from governmental sources.
Proposed Changes to Accounting for Contributions of Nonfinancial Assets to a Not-for-Profit Entity
The Financial Accounting Standards Board (FASB) recently issued a proposed Accounting Standards Update (ASU) entitled Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets.
Cheers! Year-End Appropriations Act includes Repeal of Controversial “Commuting/Parking Tax” for Tax-Exempt Organizations
Prior to recessing for the holidays, Congress passed the Consolidated Appropriations Act (Act). The Act was signed into law by the President on December 20, 2019, primarily to appropriate federal funds in order to avoid a government shutdown.
FASB Deliberates Changes to Reporting for Gifts-in-Kind
The Financial Accounting Standards Board (FASB or Board) discussed at its November 6, 2019 meeting its project on not-for-profit reporting of gifts-in-kind (GIKs).
FASB Votes to Delay Application of New Leases Standard for Not-for-Profits
The Financial Accounting Standards Board (FASB) voted to delay the effective dates for changes to accounting for leases for most not-for-profits, private companies and small reporting companies.
Applying FASB’s New Guidance for Contributions Received and Contributions Made
Last year the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU), Not-For-Profit Entities (Topic 958): Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made (Subtopic 958-605)
OMB Issues Final 2019 Compliance Supplement
In July 2019, the Office of Management and Budget (OMB) released the final 2019 Compliance Supplement. The 2019 supplement is effective for Single Audits of fiscal years beginning after June 30, 2018. It supersedes the 2018 supplement.
FASB Proposes Delay in Application of New Leases Standard for Not-for-Profits
At its recent meeting, the Financial Accounting Standards Board (FASB) voted to issue a proposal that would delay the effective date for changes to accounting for leases for private companies, certain not-for-profits and small reporting companies.
Spotlight on Yellow Book Revisions
The U.S. Government Accountability Office (GAO) issued revisions to generally accepted government auditing standards (GAGAS) in July 2018.