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Tag: Update

FASB Issues Update for Nonprofit Organizations

By Vanessa Munoz In an effort to improve financial reporting for nonprofits, the Financial Accounting Standards Board (FASB) is implementing various changes.  Among these changes are how expenses are being reported. Current Guidance When it comes to financial reporting, many nonprofit organizations are only required to provide expenses by their nature (i.e. salaries, travel, rent, etc.). However, voluntary health and welfare organizations are also required to present a statement...

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Changing Overtime Rules? New Recommendation Could Change Who Qualifies

By Laura Melville Under current regulations, employees are exempt from overtime pay if they meet three criteria: the employee must be salaried, perform executive, administrative or professional duties, and earn more than $455 per week, or $23,660 per year. The current salary threshold was enacted in 2004. But that salary threshold could be increasing, as the U.S. Department of Labor last year recommended raising the salary criteria to $913 per week, or $47,476 per year. (The rule...

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New Guidance for Nonprofits: Be Aware of FASB’s Changes in Nonprofit Reporting

By Diana Miller Following several years of examination and modification, the Financial Accounting Standards Board (FASB) released its long-awaited update this month on nonprofit financial reporting. The revision is expected to transform the way nonprofit organizations categorize net assets and construct financial statements. To prepare, nonprofit organizations should familiarize themselves with the following developments: Phase 1 (effective for fiscal years beginning after December...

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