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Archives for July 2015

FASB delays new revenue recognition standard by one year

In a move that had been in the works for a while, the Financial Accounting Standards Board (FASB) officially voted to delay its new revenue recognition standard by one year.

Financial statement preparers had complained that there was not enough time to implement some of the changes required by the new standards. Challenges cited by the Journal of Accountancy article linked above include the delayed issuance of the standard (it had been delayed several times before being issued in May 2014), the timing of the proposed changes, a lack of available IT solutions, and difficulty implementing internal controls amid the uncertainty.

Public companies as well as some employee benefit plans and not-for-profit organizations now must use the new revenue recognition rules for annual periods beginning on or after December 15, 2017. For a company reporting on the calendar year, this means 2018 will be the first year for which this is effective. All other entities must apply the new guidance one year later.

We’ve had our eyes on this issue throughout its evolution and will continue to keep you posted. If you have any questions about how this new standard might affect you, give us a call to see how we can help.

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Gather donation records while you can still find them!

Since June 30th is the end of the fiscal year for many non-profits, you probably got a lot of mail and e-mail about donating to these organizations over the last month or so. If you took the opportunity to donate to some of your favorite causes over the past few weeks, now is a great time to get all of your receipts and paperwork organized, while it’s fresh and easy to find. After the new year, instead of scrambling to find documentation, it’ll all be filed away and you’ll have one less thing to worry about come tax time. (Many of the headaches we see simply arise from lost or missing paperwork, so trust us on this one!)

For more tips on donating to non-profits and how they relate to your taxes, see our blog post from earlier this year.

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