Prepare Now to Implement Topic 326 – Current Expected Credit Losses (CECL)
By: Susan Colladay, CPA, Partner, Audit Announced by the Financial Accounting Standards Board (FASB) in 2016, Accounting Standards Update (ASU) 2016-13: Financial Instruments – Credit Losses (Topic 326) is also referred to as Current Expected Credit Losses (CECL). The new standard improves financial reporting by requiring more timely recording of credit losses on loans and…
HHS Website Providing Indirect Rate Information is Currently Unavailable
By Paul Calabrese, Principal, Outsourced Accounting and Advisory Services Have you been to the US Department of Health & Human Services’ (HHS) Program Support Center (PSC) website lately? You may have noticed that their Cost Allocation Services landing page is down. The Cost Allocations Services website has historically provided valuable information to nonprofits, colleges and…
Decoding SBA’s Rules for 8(a) Financial Reporting
By Paul Calabrese, Principal, Outsourced Accounting and Advisory Services Small Disadvantaged Businesses with 8(a) status must observe important yearly financial reporting requirements per 13 CFR 124.602. To correctly interpret the annual receipts definition and submit the appropriate annual financial statement, participants must understand the requirements in the CFR. The chart below was developed by GRF’s…
Updated Management Responsibilities Under SAS 136
by Jennifer McCahill, CPA, Partner The implementation of SAS 136 is finally here. After being delayed an additional year during the pandemic, this new standard represents the first significant change to employee benefit plan audits in the past several years. For organizations subject to an audit of their retirement plan, below are several changes that…
New Lease Standard: Practitioner Tips for Implementation of Topic 842
After helping numerous clients implement Accounting Standard Update (ASU) 2016-02, Leases (Topic 842), GRF’s team of audit specialists has compiled a list of tips, from their perspective as practitioners, to help organizations struggling with the new standard. Before considering the steps outlined below, it’s first helpful to understand the impact of Topic 842. Overview of…
Preparing for an Audit Made Easier with Financial Compilations and Reviews
By: Steven Lyons, CPA | Senior Manager, Outsourced Accounting and Advisory Services In addition to providing a more cost-effective alternative to a financial statement audit, compilations and reviews offer businesses and nonprofit organizations a number of important advantages. Perhaps most important, compilations and reviews help your organization prepare for a future financial audit because they…
Goodbye Limited-Scope Audits, Hello ERISA 103(a)(3)(c) Audits
By Jennifer McCahill, CPA, Partner In addition to disrupting business planning and operations, the COVID-19 pandemic also provided a reprieve from certain accounting standards changes with implementation dates in 2020. With the pandemic winding down and 2022 around the corner, now is the time to prepare for the implementation of SAS 136 for retirement plans…
DfID Merger with FCO Creates Uncertainty with UK Aid
By Tricia Katebini, CPA, MBA, Senior Manager, Audit On June 16, United Kingdom (UK) Prime Minister Boris Johnson announced a merger between the Department for International Development (DfID) and the Foreign and Commonwealth Office (FCO). Together the two departments will become the Foreign, Commonwealth and Development Office. Johnson said the merger will “unite our aid…
The COVID-19 Crisis Highlights Best Practices for Virtual Audits
By Thomas Netznik, CPA, Audit Manager, GRF CPAs & Advisors In recent years, nonprofits have begun investing in technology that not only appeals to a younger workforce, but also achieves some organizational goals related to digital transformation. Gone are the days when most organizations relied on paper documents and files, and not a moment too…
Retirement Plan Options during the COVID-19 Crisis
By Jennifer McCahill, CPA, Partner Individuals and organizations are looking for ways to gain access to cash during this time of financial and economic uncertainty. As Congress and the Administration discuss additional aid packages, we are seeing changes to the traditional regulations that would allow individuals and organizations to access funds through retirement plans. There…