CFO Leadership

OCTOBER 18, 2023

AI coupled with The Digitization of the Finance Function create powerful levers for today’s CFO. For instance, could financial statements generated by ChatGPT withstand audit scrutiny? Whether ChatGPT applications could pass a SOC-1 audit, a crucial certification for control over financial reporting, remains to be seen.

Finance 52

Finance Accounting Auditing IFRS 52

Future CFO

DECEMBER 31, 2021

CFOs are the logical candidate to lead the ESG initiative. Their responsibilities already entail ensuring that the financial report is accurate, complete and verifiable, according to GAAP accounting standards and disclosures.

Leadership 98

Leadership Finance GAAP Forecasting 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. Provide personalized service.

Nonprofit 52

Nonprofit Accounting Auditing GAAP 52

The Charity CFO

JANUARY 5, 2022

For example, “salary” is a straightforward line-item on a for-profit financial report. . To complete your IRS 990, you’ll need to report your expenses based on how they fall within 3 categories, they are: . The #1 accounting mistake that nonprofits make is hiring the wrong people to help them.

Nonprofit 96

Nonprofit Auditing GAAP CFO 96

The Charity CFO

MAY 11, 2023

When determining your needs, be sure to consider what your complete financial package looks like and where you might need some help. If you’ve decided the outsourced bookkeeping is right for your organization, get in contact with us and see how Charity CFO can help ! Do You Struggle to Make Sense of Your Financial Statements?

Nonprofit 52

Nonprofit Communication Auditing GAAP 52

The Charity CFO

JANUARY 19, 2023

Accounting standards for nonprofits are probably not the first thing you think about, but are crucial for your organization to succeed. Because of their unique structure and operational model, nonprofits must comply with various accounting standards that are, in many ways, different from for-profit organizations.

Accounting Standards 52

Accounting Standards Nonprofit Accounting GAAP 52

Michigan CFO

MARCH 21, 2023

In accounting, indefinite lifespan refers to an asset where its rate of capital depreciation isn’t known or cannot be easily calculated. A Challenging Endeavour in Practice While the above formula appears simple enough, accountants struggle to find consistency when determining goodwill asset value.

Valuation 40

Valuation CFO IFRS GAAP 40

Future CFO

NOVEMBER 2, 2020

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. Across these regions, local GAAP is more common than international standards, required in 71% and 44% of jurisdictions respectively.

Compliance 40

Compliance IFRS GAAP Accounting Principles 40

Spreadym

AUGUST 10, 2023

When choosing the best financial reporting software solution, it's important to consider factors such as ease of use, scalability, integration with existing systems, compliance with accounting standards, cost, customer support, and any unique requirements your organization might have. What is financial reporting software?

Financial Reporting 52

Financial Reporting Financial Planning and Analysis (FP&A) CFO Accounting Standards 52

VCFO

NOVEMBER 1, 2023

Assessing Accounting For entities preparing GAAP compliant financial statements, adoption of Revenue Recognition Standard (ASC 606) and Lease Accounting Standard (ASC 842) is now mandatory. Read more in our blog about Lease Accounting Updates.) audited or reviewed financial statements).

Finance 91

Finance Strategic Planning Auditing CFO 91

The Charity CFO

DECEMBER 28, 2022

One way to ensure you remain within the confines of your tax-exempt status is to file and share a number of financial statements. You have a primary responsibility to your donors, grantmakers, and other stakeholders to find ways to share these statements while still following the highest accounting standards. Get the free guide!

Nonprofit 52

Nonprofit GAAP Accounting CFO 52