BLS Insights

Category: Audit & Assurance

SAS No. 134 – Your Audit Report is Changing

August 30, 2021

In May 2019, the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) issued Statement on Auditing Standards (SAS) No. 134, Auditor Reporting and Amendments, including … Continued

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Capitalization Policy for Nonprofits

June 29, 2021

Nonprofit organizations have two options when purchasing assets with a useful life of greater than one year: expense or capitalize. Assets which are capitalized are referred to as fixed assets … Continued

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New Presentation and Disclosure Requirements for Gift-In-Kind (ASU 2020-07)

June 22, 2021

In September 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07: Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. The purpose of this ASU … Continued

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Single Audit Submission Extension

April 16, 2021

In March of 2020, we discussed M-20-17, Administrative Relief for Recipients and Applicants of Federal Financial Assistance Directly Impacted by the Novel Coronavirus (COVID-19) due to Loss of Operations in … Continued

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FASB Votes to Postpone Revenue Recognition & Leases Standards

May 21, 2020

On May 20, 2020, FASB voted to extend by one year the effective date of its revenue recognition standard (FASB ASC Topic 606, Revenue From Contracts With Customers) to all … Continued

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GAQC Alert: PPP Loans Will Not Be Subject to Uniform Guidance Single Audit Requirements

May 07, 2020

On May 5, 2020, the Governmental Audit Quality Center (GAQC) issued GAQC Alert No. 404 which provides important governmental auditing updates related to COVID-19. GAQC Alert No. 404 included the … Continued

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ASU 2016-14 – Liquidity and Availability of Resources

May 28, 2019

In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-14 (ASU 2016-14) to make improvements to the communication of information on nonprofit financial statements. ASU 2016-14 … Continued

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Agreed-Upon Procedures and Other Non-Traditional CPA Engagements

August 08, 2017

Most government and nonprofit finance officers, executives, and board members are very familiar with the annual accounting or audit services they receive from their CPA firm (practitioner).

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Ugh… Not You Again! – Rethinking Your Relationship with Auditors

October 05, 2016

Once a year, a group of awkward auditors sets up camp in your conference room, robbing you and your coworkers of your usual lunch spot to create what looks more like an obstacle course than an office space with our tapestry of wires and clunky equipment.

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Uniform Guidance Brings Change to Data Collection Forms

June 21, 2016

The Office of Management and Budget (OMB) released a Federal Register notice on April 22, 2016, that provides the public a final 30-day window to comment on changes made to the data collection form (SF-SAC).

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