The Charity CFO

APRIL 13, 2023

Accounting Standards In the United States, all organizations must adhere to the Generally Accepted Accounting Principles (GAAP). For nonprofits, however, there is an additional and specific set of standards that organizations must follow, as set out by the FASB 117. This also extends beyond the organization.

Nonprofit 52

Nonprofit Compliance Accounting Standards Budgeting 52

Bramasol

SEPTEMBER 29, 2023

Globalization CFOs have long needed to assure compliance with two different standards-setting bodies. The first is the Financial Accounting Standards Board (FASB) in the United States. IFRS S1 requires companies to communicate the sustainability risks and opportunities they face over the short, medium, and long term.

IFRS 91

IFRS Technology SAP Compliance 91

Fpanda Club

SEPTEMBER 2, 2021

Management reporting involves a set of reports submitted to management that aims at supporting decision-making process and monitoring progress. Performance management is a range of practices which a company uses to measure its performance and communicate results. Turning to soft skills, it’s not so easy here.

Financial Planning and Analysis (FP&A) 130

Financial Planning and Analysis (FP&A) Corporate Finance Communication Budgeting 130

Spreadym

JULY 10, 2023

The financial close process, also known as the accounting close process or month-end close, is a series of steps undertaken by an organization to finalize its financial records for a specific accounting period. The financial close process is crucial for ensuring accurate and reliable financial reporting.

Financial Planning and Analysis (FP&A) 52

Financial Planning and Analysis (FP&A) Reconciliations Accounts Payable General Ledger 52

The Charity CFO

NOVEMBER 10, 2022

As a result, the organization might not adhere to Generally Accepted Accounting Principles (GAAP), which can trip them up come tax time or during an audit. Governance issues, tight regulations, and high public accountability standards mean strong accounting practices are more important than ever.

Nonprofit 52

Nonprofit Accounting Auditing GAAP 52

The Charity CFO

MAY 11, 2023

Make sure that you find a partner in your service provider and ensure that your access and communication channels are clearly defined. You may also choose to outsource certain aspects of your accounting that may require less immediate access. Security Concerns The financial data of an organization is incredibly sensitive.

Nonprofit 52

Nonprofit Communication Auditing GAAP 52

VCFO

NOVEMBER 1, 2023

Assessing Accounting For entities preparing GAAP compliant financial statements, adoption of Revenue Recognition Standard (ASC 606) and Lease Accounting Standard (ASC 842) is now mandatory. Changing how revenue is reported impacts EBITDA and also balance sheet items such as deferred revenue and deferred expenses.

Finance 88

Finance Strategic Planning Auditing CFO 88

CFO Leadership

OCTOBER 10, 2023

AI in the “Real World” While these powerful tools seem to have a near mastery of natural language communication, they are not necessarily designed to possess many of the skills required by finance and accounting professionals. For instance, could financial statements generated by ChatGPT withstand audit scrutiny?

Accounting 95

Accounting Finance Auditing IFRS 95

Future CFO

DECEMBER 31, 2021

Here are the five most important skills identified: A strong understanding of risk management The ability to use new software or technology The ability to communicate complex financial information to different stakeholders A strong understanding of financial best practices The ability to collaborate with colleagues from other functions.

Leadership 98

Leadership Finance GAAP Forecasting 98

The Charity CFO

AUGUST 15, 2023

To support and maintain the organization’s tax-exempt status, nonprofit accountants have to understand and adhere to IRS rules for: Tax-exempt organizations Reporting requirements Maintaining proper documentation Reporting Financial reports and statements provide a transparent view of the organization’s financial performance.

Nonprofit 52

Nonprofit Accounting Profit and Loss Budgeting 52

Spreadym

JUNE 27, 2023

This includes analyzing revenue and expense trends, profitability, cost drivers, key performance indicators (KPIs), and financial ratios. Investor Relations and Stakeholder Communication: Financial Planning and Analysis supports effective communication with investors, shareholders, and other stakeholders.

Financial Planning and Analysis (FP&A) 52

Financial Planning and Analysis (FP&A) Planning Financial Analysis Budgeting 52

CFO Leadership

OCTOBER 18, 2023

AI in the “Real World” While these powerful tools seem to have a near mastery of natural language communication, they are not necessarily designed to possess many of the skills required by finance and accounting professionals. For instance, could financial statements generated by ChatGPT withstand audit scrutiny?

Accounting 52

Accounting Finance Auditing IFRS 52

The Charity CFO

DECEMBER 15, 2023

Like restricted and unrestricted funds, keeping grant and sponsorship money can save you headaches at tax time (and when communicating with donors ). A strong in-kind donation recording system will help you stay in compliance with accounting standards for in-kind contributions. Need Help Recording Revenue? Get the free guide!

Nonprofit 52

Nonprofit Compliance Valuation CFO 52

PYMNTS

DECEMBER 16, 2016

A key part of business life is getting the books closed on time, with clean financial reporting that allows a high-level and granular view of what needs to be done next. The optimization of the accounting process, he said, is difficult at times with limited staff.

IFRS 74

IFRS Reconciliations GAAP Accounting Standards 74

The Charity CFO

DECEMBER 8, 2022

According to the Financial Accounting Standards Board (FASB) guidelines, a grant should be recognized as revenue when all eligibility requirements have been met by the recipient and there is reasonable assurance that the revenue will be collected. Accounting for grants should be approached with an abundance of caution.

Accounting 52

Accounting Nonprofit Auditing Compliance 52

PYMNTS

OCTOBER 1, 2019

have led the Financial Reporting Council (FRC) to enact more stringent accounting standards, The Guardian reported on Monday (Sept. According to reports, the FRC issued an updated going concern standard, adding “significantly stronger requirements” for U.K.

Accounting Standards 51

Accounting Standards Accounting Auditing Communication 51