NSAC Happenings and Latest News - Page 23
FASB Declines to Extend Nonpublic Lease Accounting Effective Date
Private companies and not-for-profits will not see further relief from the effective date of FASB's new lease accounting standard after the board voted unanimously Wednesday to reject a request for a two-year extension that was submitted by the Pennsylvania Institute of CPAs (PICPA). The current effective date for nonpublic entities is for fiscal years beginning after Dec. 15, 2021, and interim periods within fiscal years beginning after Dec.
Read More5 Steps to Prevent Fraud
While no one wants to believe fraud is occurring at their organization or nonprofit, unfortunately, it can and does happen. Typically, fraud is a crime of opportunity, which means that putting preventative fraud measures in place can help you reduce fraud before it starts. Here are five steps you can put in place no matter what size your organization is to decrease your risk of fraud. Remember, when you have formal reporting mechanisms in ...
Read MoreFASB Proposal Would Amend Interim Disclosure Requirements
The rules for interim disclosures in financial statements would change and be clarified under a proposal issued by FASB. Part of FASB's disclosure framework project for improving the effectiveness of disclosures in the notes to financial statements, the proposal issued Monday would: Add a requirement that the SEC removed in 2018 from Regulation S-X that requires disclosure at interim periods when a significant event or transaction ...
Read MoreHow to Survive a Ransomware Attack
The biggest question that arises in the wake of a ransomware attack is whether to pay the ransom, and the answer is by no means easy. What should a company do when cyber criminals attack its systems and demand a ransom? Unfortunately, the increase in ransomware incidents forces a growing number of businesses to answer that question. How organizations handle the minutes, hours, and days following a ransomware attack ...
Read MoreFall 2021 ACCTFAX
Originally published in The Cooperative Accountant, Fall 2021 Issue FASB ISSUES STANDARD TO IMPROVE A LESSOR’S ACCOUNTING FOR CERTAIN LEASES WITH VARIABLE LEASE PAYMENTS On July 19, 2021, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) intended to improve an area of the leases guidance related to a lessor’s accounting for certain leases with variable lease payments. During the ...
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