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Revenue Recognition for Nonprofits: 4 Mistakes to Avoid

The Charity CFO

Revenue recognition for nonprofits may seem fairly straightforward, but has unique complexities with important compliance consequences. All these sources must be carefully managed to ensure compliance with Generally Accepted Accounting Principles (GAAP) and guidelines. Receive grants. Employ paid staff.

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IBM Cognos Controller: Financial close management managed by the office of finance

Future CFO

Click on the link to download to discover in detail a list of the benefits that IBM Cognos Controller provide for finance teams: Data collection and validation Reconciliations Workflow and tasks to improve the close cycle Currency conversion Minority interest calculations Inter-company eliminations Group closing adjustments Management adjustments Allocations (..)

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The most and least complex jurisdictions for financial compliance in APAC

Future CFO

China is the most complex jurisdiction for financial compliance in Asia Pacific while Hong Kong is the easiest, said TMF Group recently. For example, 70% of jurisdictions in South America mandate electronic transaction reporting, yet this is only the case for two jurisdictions in APAC (15%) – India and South Korea.

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When Does Your Nonprofit Need an Audit?

The Charity CFO

What is a nonprofit financial audit? . A nonprofit financial audit is an independent examination of the accuracy of your accounting records, financial statements, and internal controls. It confirms your compliance with federal grant management standards. Nonprofit Audit Alternative #1: Financial Review .

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Updated Accounting Standards for In-Kind Donations (2022)

The Charity CFO

But the deadline for making the changes has passed, and the FINAL deadline (for interim reporting periods) is coming up next month. So now is the perfect time to make sure you report in kind gift donations in compliance with GAAP standards in 2022. When do the changes to in kind gift reporting go into effect?

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7 Keys to Nonprofit Financial Management

The Charity CFO

In order to successfully manage the financial health of your nonprofit organization, here are 7 key concepts you should understand: Compliance and Audit Requirements Compliance is the act of ensuring the public that nonprofits are abiding by the rules that allow them to take advantage of tax exempt status and other financial incentives.

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How to Find the Best FP&A Candidates for Your Team

Spreadym

Problem-Solving: The ability to identify financial challenges and propose solutions is crucial. FP&A professionals often need to address complex financial issues. Technical Skills: Proficiency in financial software, accounting principles, and ERP systems is valuable.