The Charity CFO

APRIL 13, 2023

Accounting Standards In the United States, all organizations must adhere to the Generally Accepted Accounting Principles (GAAP). For nonprofits, however, there is an additional and specific set of standards that organizations must follow, as set out by the FASB 117. Taxes Yes, taxes.

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Nonprofit Compliance Accounting Standards Budgeting 52

Planful

JULY 5, 2016

But Robert Kugel , SVP and Research Director at Ventana Research, recently published an article highlighting the impact the new guidelines can have on budgeting and planning. However, the revenue recognition guidance offered under US GAAP vs. IFRS has differed and was in need of improvement. Background – What’s Changing and When?

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Budgeting IFRS Planning GAAP 40

Future CFO

DECEMBER 31, 2021

What does this mean to the finance and accounting team of 2022? According to Gartner , finance leaders anticipate a greater percentage of their time will be spent in improving flexibility of budgeting & forecasting (58%), closely followed by developing digital skills (56%) and redefining employee value proposition in hybrid environments.

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Leadership Finance GAAP Forecasting 98

The Charity CFO

AUGUST 15, 2023

For accountants, this means the profit-generating strategies and investment ideas you bring to the table are still applicable and can make a massive impact. One key differentiator is that what is recorded following GAAP is what will show up on the audit and may not show up on the IRS tax form, Federal Form 990.

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Nonprofit Accounting Profit and Loss Budgeting 52

Future CFO

APRIL 18, 2022

DOWNLOAD NOW. The post IBM Cognos Controller: Financial close management managed by the office of finance appeared first on FutureCFO.

Finance 52

Finance IFRS GAAP Accounting Principles 52

The Charity CFO

JANUARY 21, 2022

If you’re looking for info on fund accounting in government here is a great resource for you. Both Generally Accepted Accounting Principles (GAAP) and Financial Accounting Standards Board (FASB) 116/117 require at least a minimum level of fund reporting, so you’ll need it in order to pass an audit.

Nonprofit 98

Nonprofit Accounting GAAP Accounting Principles 98

The Charity CFO

NOVEMBER 10, 2022

Yes, they might have a board member or volunteer who takes care of the finances, but they often lack specific expertise in nonprofit accounting. As a result, the organization might not adhere to Generally Accepted Accounting Principles (GAAP), which can trip them up come tax time or during an audit.

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Nonprofit Accounting Auditing GAAP 52