Today (04/22/15) FASB issued a proposed Accounting Standards Update intended to improve existing standards for financial statement presentation for Nonprofit Organizations. A summary of the changes is provided, as well as, the full proposed ASU at fasb.org. The new standards will significantly change financial statement presentation for most nonprofit organizations. The more significant changes include the following:
Generally the CPA’s relationship with a new client begins due to a need for tax return preparation, financial statement preparation or both. Often, as business thrives and client needs expand, the CPA becomes involved with consulting and providing guidance on significant business decisions.
Accounting | Audit | Advisors | Consultants | CPAs - Belfint Lyons Shuman is a Certified Public Accounting Firm serving companies across Delaware including Wilmington, Dover (DE) and Pennsylvania including Philadelphia and West Chester (PA). BLS focuses on serving the needs of construction companies, employee benefit plan audits, law firms, medical practices and nonprofit organizations. We also assist international companies with international tax, FBAR compliance and regulatory services.