Not-for-Profit Update: November/December 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest insights for not-for-profit organizations. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Exempt organization-specific provisions in the House Bill H.R. 1
The tax reform legislative process was formally kicked off Nov. 2, 2017, with the release of H.R. 1, the Tax Cuts and Jobs Act.
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Going global: How to plan strategy and building local relationships
Nonprofit organizations can successfully expand operations around the world with strategic planning and cultivation of local relationships.
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Nonprofit webcast series: Optimizing your nonprofit’s outsourcing strategy
Join us for this informative two-part webcast series as we discuss the importance of evaluating whether your outsourcing provider’s capabilities are meeting your needs and expectations.
Register now

On-demand webcast: Annual tax update for nonprofit organizations
Miss our webcast on Tuesday, Oct. 31? View the annual tax update on-demand, answer polling questions and complete the final exam to be eligible for CPE credit for this course.
View on demand now

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/muse.html

Not-for-Profit Update: September/October 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest insights for not-for-profit organizations. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

What your nonprofit board members need to know about Form 990
The first in a two-part series to help board members develop a better understanding of why the IRS asks for the information contained in the Form 990.
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5 things to know about managing third-party relationship risks
Enforcement is scheduled to start on May 25, 2018. What do U.S. organizations need to do now? Here are five key considerations.
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Do you know how managed IT services can help overcome your challenges?
A managed IT services agreement can provide peace of mind that you are making technology decisions to align with your strategy and goals.
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Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/muse.html

Not-for-Profit Update: July/August 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest insights for not-for-profit organizations. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Preparing for changes in grants management processes
Join RSM on Wednesday, Aug. 23, for the annual federal grants management update webcast to learn about the latest in grants management compliance requirements.
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Uniform Guidance: Procurement grace period extension
Amendment allows one additional year for non-federal entities to implement Uniform Guidance procurement standards.
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Changes to revenue recognition for not-for-profit organizations
A white paper about how entities in the not-for-profit industry may be affected by the new revenue recognition guidance in ASC 606.
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Ransomware: An emerging cyber risk your organization must prepare for
Discover how to protect your organization against ransomware, a growing cyber risk.
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Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/muse.html

Audit & Accounting Update: June 13, 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Quarterly accounting update webcast – Summer 2017
Our Quarterly accounting update webcast will cover recently issued guidance and developments in standard-setting projects.
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Accounting for debt and equity instruments in financing transactions
Our guide is a resource for understanding relevant accounting guidance for debt and equity instruments issued in financing transactions.
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Changes to revenue recognition for not-for-profit organizations
Our white paper discusses changes to the accounting for exchange transactions entered into by not-for-profit organizations.
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PCAOB adopts auditor reporting standard
A new standard requires auditors to provide additional information in their reports on audits of financial statements.
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PCAOB proposes standard for auditing accounting estimates
A PCAOB proposal would replace existing standards on auditing accounting estimates and fair value measurements with a single standard.
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Proposal: Auditor’s use of the work of specialists
The PCAOB recently proposed amendments to auditing standards for the auditor’s use of the work of specialists.
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Audit and Accounting Updates for Business Owners and Financial Professionals

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Not-for-Profit Update: May/June 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest insights for not-for-profit organizations. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

How nonprofits can better leverage data to drive mission impact
Nonprofits typically manage large volumes of information, but often do not leverage that data to its full potential for greater efficiency and decision-making.
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Revenue Recognition Resource Center
Information about the new guidance in ASC 606
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Trump administration releases tax reform proposal
On April 26, 2017, top representatives from the Trump administration announced their long-awaited proposal for tax reform.
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Making the case for business process outsourcing
What trends are driving the increased focus on outsourced services today?
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Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/muse.html

Audit & Accounting Update: April 13, 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Presentation of defined benefit costs
The FASB recently issued guidance to improve the presentation of defined benefit costs in the income statement.
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Getting ready: Revenue recognition and not-for-profit entities
Our article provides several resources for the implementation of FASB ASC Topic 606 by not-for-profit entities.
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Omnibus Statement addresses certain practice issues
Statement 85 addresses practice issues identified during the implementation and application of certain GASB Statements.
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Audit and Accounting Updates for Business Owners and Financial Professionals

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Not-for-Profit Update: March/April 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest insights for not-for-profit organizations. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Getting ready: Revenue recognition and not-for-profit entities
It is not too early to begin anticipating and mapping out the impact on your organization of FASB Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606).
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Form 990-N, 10 years later
Prior to the passage of the Pension Protection Act of 2006, small exempt organizations, other than black lung benefit trusts (Form 990-BL) or private foundations (Form 990-PF) that did not meet the $25,000 gross receipts test of the Form 990-EZ, were excused from filing with the Internal Revenue Service (IRS).
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Cybersecurity for nonprofits: Understanding threats and weaknesses
Many nonprofit organizations do not consider themselves as potential targets for a cyberattack because they think they do not possess information hackers want.
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Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/muse.html

Not-for-Profit Update: January/February 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest insights for not-for-profit organizations. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Consolidation of for-profit limited partnership by not-for-profit entity
Understanding the latest Accounting Standards Update (ASU) 2015-02 issued by the Financial Accounting Standards Board (FASB).
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Can outsourcing help your organization neutralize rising labor costs?
Outsourcing strategies and their potential to support the success of your nonprofit organization.
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Leveraging the cloud to strengthen your technology platform
The cloud is one of the biggest technology enablers for nonprofits, and has become a valuable information technology tool for many organizations.
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Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/muse.html

Audit & Accounting Update: January 26, 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Changes to revenue recognition in the technology industry 
Our white paper discusses how certain issues will significantly affect revenue recognition in the technology industry.
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Clarifications to definition of a business
The FASB recently issued clarifications to the definition of a business, which affects many areas of accounting.
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Consolidation of for-profit limited partnership by not-for-profit entity
ASU 2017-02 clarifies when a not-for-profit entity that is a general partner should consolidate a for-profit limited partnership.
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Proposal: Balance sheet classification of debt
A recent proposed ASU introduces an overarching principle for determining whether debt should be classified as current or noncurrent.
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Proposed changes to disclosure requirements for inventory
If finalized, recent proposed amendments to FASB ASC Topic 330 would require additional inventory disclosures.
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FASB makes additional corrections to new revenue guidance
A recent FASB Accounting Standards Update makes technical corrections to ASC Topic 606, Revenue from Contracts with Customers.
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Tool for audit committees: Preparing for the revenue recognition standard
A new Center for Audit Quality tool aims to help audit committees assess a company’s implementation of the new revenue recognition standard.
Read more

 

Audit and Accounting Updates for Business Owners and Financial Professionals

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Audit & Accounting Update: December 29, 2016

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Changes to revenue recognition for business and professional services
Our recent summary discusses how service providers will be affected by the FASB’s new revenue recognition guidance.
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FASB addresses down round features and indefinite deferral provisions
A new FASB proposal addresses some of the accounting complexity associated with instruments with characteristics of liabilities and equity.
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Non-GAAP financial measures: Continuing the conversation
A recent Center for Audit Quality paper provides information for stakeholders to consider regarding non-GAAP financial measures.
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Audit and Accounting Updates for Business Owners and Financial Professionals

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

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