By Erin Welch, CPA
With so many accounting changes impacting nonprofits this year, now is a good time to brush up on the new accounting standards to see if they are applicable to your organization, how they might impact your accounting, and when you need to implement any changes.
Here are the three main changes and links to easy to read summary articles with resources for each:
The new Nonprofit Reporting Standard is effective now, so if your 2018 calendar year or 2018-2019 fiscal year audit is in-process or has not yet begun, you need to be ready for the changes.
The new Government Contracts and Revenue Recognition Standard is applicable to the 2019 calendar year and 2020 fiscal years.
The new Lease Accounting Standards are applicable to nonpublic entities the 2020 calendar year and 2021 fiscal years.
About the Author:
Erin Welch, Partner, has been working exclusively with nonprofits for over 15 years and is committed to helping her not-for-profit clients achieve their missions by better understanding their financial statements and systems. Her goal is to help her clients improve by providing insight, training, resources, and suggestions and by being an approachable advisor.
Erin is passionate about our sector and the role she gets to play in your amazing and diverse missions.